He says he will offer the former chairman a combination of shares and money to pay off the debt and will even offer him a place on the board.

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The deal will be settled by a combination of new shares and convertible bonds, said the company in a filing to Hong Kong Stock Exchange.

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They were attracted by the preference shares' combination of a low risk weighting and decent yield, says Ira Jersey of Credit Suisse, but have seen their prices tumble on fears that they will be wiped out if the government moves to prop the agencies up.

ECONOMIST: American banks