PURPOSE: To readily obtain the titled substance useful as a raw material for CT materials of organic photoconductors, etc., by reacting biphenyl iodide or bromide which is a readily available inexpensive raw material with carbon monoxide and hydrogen in the presence of a basic compound and catalyst containing a transition metal.

CONSTITUTION: Biphenyl iodide or bromide as a raw material is reacted with carbon monoxide and hydrogen in the presence of a basic compound, e.g. triethylamine, pyridine, etc., and a catalyst containing a transition metal and/or compound thereof, preferably at 1:3W3:1 ratio of the carbon monoxide to the hydrogen used under 10W300kg/cm2, preferably 30W200kg/cm2 total pressure of the carbon monoxide and hydrogen at 50W300°C, preferably 80W200°C to afford the aimed compound. The above-mentioned raw material compound is synthesized from biphenyl and 4-iodobiphenyl, etc., is preferably used. The above-mentioned catalyst is preferably palladium or nickel.