ICBC block

Goldman sells $1.1 billion ICBC stake

The deal is priced at a 6% discount and downsized slightly from the original target as markets tumble during the bookbuilding.

Goldman Sachs last night raised HK$8.55 billion ($1.1 billion) from a sell-down of its stake in Industrial and Commercial Bank of China. This is the third time Goldman has reduced its holding since it invested in the Chinese bank in 2006 — and it could have chosen a better day to do so.

¬ Haymarket Media Limited. All rights reserved.

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