Cleary Gottlieb Reps BofA In Sale Of CCB Stake

Law360, New York (August 29, 2011, 4:44 PM EDT) -- Bank of America Corp. on Monday announced plans to sell half its stake in China Construction Bank Corp. in a move expected to generate an estimated $8.3 billion in cash proceeds and an after-tax gain of about $3.3 billion for the beleaguered financial institution.

Bank of America agreed to sell approximately 13.1 billion common shares of CCB to a unidentified group of investors, according to a statement from the Charlotte, N.C.-based banking and financial services giant.

The sale would leave Bank of America with about 5...
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