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Goldman seeks third ICBC sale
Source: Agencies |
November 10, 2011, Thursday
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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.
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