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MARKETS | Cesar Tordesillas, Thailand
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CIMB Thai shares bolstered by Bank of Ayudhya buy report

News of CIMB's planned acquisition of Bank of Ayudhya stake pushed the shares of CIMB Thai Bank by as much as 23 percent to 2.96 baht.

This is the highest price for the shares since Nov. 5, 2010.

Local newspaper Khao Hoon quoted a market source as saying that Malaysian bank CIMB had conducted due diligence on a plan to acquire about 25 percent stake in Bank of Ayudhya from General Electric Co and sought business cooperation with CIMBT in which it owns 93.15 percent.

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