Related News
Goldman seeks third ICBC sale
Source: Agencies |
November 10, 2011, Thursday
|
Print Edition
Print Edition
GOLDMAN Sachs Group Inc is seeking to raise up to US$1.5 billion by selling 2.4 billion shares in the Industrial and Commercial Bank of China, sources familiar with the matter said yesterday.
This is the third sell-down by Goldman in ICBC, raising a total of US$5.9 billion.
A source said Goldman was executing the sale to reduce its market exposure to the stake. The Wall Street bank notified the Chinese lender about the impending sale, another source said.
IFR, a Thomson Reuters publication, earlier reported the sale. Goldman is offering the shares in a range of HK$4.88 (63 US cents) to HK$5 each, a discount of between 3.7 and 6 percent to the last traded price, a term sheet seen by IFR showed.
Prior to the latest sale, Goldman held a 11.68 percent stake in ICBC's Hong Kong shares worth US$6.7 billion.
"It's likely a reflection of Goldman's own desire to book some profit and hedge their risk rather than a negative view on Chinese banks," said Warren Blight, lead analyst for Chinese bank research at Keefe, Bruyette & Woods in Hong Kong.
Goldman first bought 4.9 percent of ICBC for about US$2.6 billion before the Chinese lender's initial public offering in 2006, which was then the world's biggest IPO.
This is the third sell-down by Goldman in ICBC, raising a total of US$5.9 billion.
A source said Goldman was executing the sale to reduce its market exposure to the stake. The Wall Street bank notified the Chinese lender about the impending sale, another source said.
IFR, a Thomson Reuters publication, earlier reported the sale. Goldman is offering the shares in a range of HK$4.88 (63 US cents) to HK$5 each, a discount of between 3.7 and 6 percent to the last traded price, a term sheet seen by IFR showed.
Prior to the latest sale, Goldman held a 11.68 percent stake in ICBC's Hong Kong shares worth US$6.7 billion.
"It's likely a reflection of Goldman's own desire to book some profit and hedge their risk rather than a negative view on Chinese banks," said Warren Blight, lead analyst for Chinese bank research at Keefe, Bruyette & Woods in Hong Kong.
Goldman first bought 4.9 percent of ICBC for about US$2.6 billion before the Chinese lender's initial public offering in 2006, which was then the world's biggest IPO.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 娌狪CP璇侊細娌狪CP澶05050403鍙-1
- |
- 浜掕仈缃戞柊闂讳俊鎭湇鍔¤鍙瘉锛31120180004
- |
- 缃戠粶瑙嗗惉璁稿彲璇侊細0909346
- |
- 骞挎挱鐢佃鑺傜洰鍒朵綔璁稿彲璇侊細娌瓧绗354鍙
- |
- 澧炲肩數淇′笟鍔＄粡钀ヨ鍙瘉锛氭勃B2-20120012
Copyright 漏 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
