Update: CITIC not bidding for Bear Stearns

Earlier this week, we told you that a Chinese state owned bank is in talks to buy a stake in US investment bank, Bear Stearns. Apparently, we got some bad info, well actually Dow Jones Newswires got some bad info. See what happens when Rupert Murdoch gets involved? Anyway, today, we learned from a much more reputable publication, Shanghai Daily, that the deal is off, or something like that, here is the quote

The bank said in a statement to the Shanghai Stock Exchange that it has not held any talks with Bear Stearns or any other relevant parties and no intention or agreement was reached on buying shares of Bear Stearns.

Kinda hard to reach an agreement if no talks were held, no? Also, was the VP of China Banking Regulatory Commission who confirmed the apparent non-existent overture and discussion just making things up? Calls into CITIC Bank's press office were not returned.

Regardless, the deal is definitely off.

Jay Sheng is Shanghaiist's Business Editor. Email tips, news and gossip about business in Shanghai and China to biz at shanghaiist.com.