Goldman To Exit ICBC Investment With $1.1B Stock Sale

Law360, New York (May 20, 2013, 3:56 PM EDT) -- Goldman Sachs Group Inc. on Monday launched the sale of its entire $1.1 billion stake in Industrial and Commercial Bank of China, exiting the Chinese financial giant seven years after it first bought pre-IPO shares, according to an offering document.

The New York-based investment banking giant is selling its ICBC shares for between HK$5.47 (US$0.70) and HK$5.50, according to a term sheet of the deal. The range represents an average discount of 2.6 percent to ICBC's closing price of HK$5.64 on the Hong Kong Stock Exchange...
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