Xinhua Finance, a financial information and media conglomerate in China, has agreed to acquire proxy researcher Glass Lewis & Co. for undisclosed terms.
In August, Xinhua Finance purchased a near 20 percent stake in Glass Lewis. The purchase of the remaining portion of Glass Lewis that it does not own is expected to be completed in early 2007.
Once completed, the union would create a global research concern fusing Glass Lewis’ corporate governance and accounting expertise with Xinhua Finance’s macro-economic research, U.S. public policy analysis, bond market and economic analysis, and fundamental data.
Glass Lewis will continue to operate as a separate company, with its existing management, client services and research teams.
Lynn Turner, former chief accountant at the Securities and Exchange Commission, currently serves as Glass Lewis’ managing director of research.
Glass Lewis said it plans to expand its coverage of Chinese and other emerging market companies, and to bring objective investment research and proxy advisory and voting services to China.
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