Grand Cathay fends off takeover

BID NOT WELCOME The investment house's KMT directors say they do not welcome the hostile tender bid from the China Development Industrial Bank

By Stanley Chou / STAFF REPORTER

Benny Hu (胡定吾), president of China Development, was recently nominated ambassador at large. Before May, China Development was long treated as a KMT business, but the KMT recently claimed it has sold most of its shareholding in China Development.

Cathay closed on the TAISDAQ unchanged at NT$18.2 yesterday.