GF staff sound a loud "no" to broker's takeover bid

In an astonishing display of protest, staff at GF Securities vowed to derail plans by rival Citic Securities to take over the firm. One source said the action involved 2,230 of GF's 2,500 employees. A-share listed Citic Securities revealed last week that it had launched into negotiations to take a stake in the Guangzhou-based broker. GF staff reportedly fear an employee share plan will be scrapped. In an attempt to quell the outburst, Citic said it did not plan any major changes. Just how GF employees planned to derail the project was not made clear. Regulators believe China is considered over-populated with money-losing brokers and would likely back the Citic plan.