CHINA: Li & Fung Extends Gains
Merchandise sourcing company, Li & Fung up 6.95 per cent at HK$17.70, extending a 9.24 per cent gain on Thursday after it said it will take over rival, Colby Group Holdings Ltd, for about HK$2.2bn in cash and stock."The deal is earnings per share enhancing to Li & Fung because Colby's net profit for the end of the year, estimated at HK$134m, will be incorporated into Li & Fung's bottom line," said Cici Lam, an analyst at South China Securities.
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