Financial Firm CTBC Holding Nearing Takeover Of Chinese Baseball Club Brother Elephants
Taiwan financial firm CTBC Financial Holding Co. is "close to winning a bid to take over" Chinese Professional Baseball League team Brother Elephants, according to the CNA. CTBC Financial, Taiwan's third-largest publicly traded financial firm, "offered the highest bid among the interested parties and will 'eventually take over the Elephants.'" However, "according to an earlier report by the Business Today weekly magazine," Lih Pao Construction Chair Wu Pao-tien had "already confirmed the sale of the Elephants to CTBC Financial." The Elephants club is "up for sale because of its heavy financial losses" (CNA, 11/26).