Temasek Grabs ICBC Shares Worth $2.3B In Goldman Sale

Law360, New York (April 16, 2012, 6:57 PM EDT) -- Singapore investment banking firm Temasek Holdings Pte. Ltd. will buy up $2.3 billion worth of Goldman Sachs Group Inc.'s shares in Industrial and Commercial Bank of China Ltd., the world's biggest bank by market capitalization, the firm said Monday.

The acquisition will give state-backed Temasek 3.55 billion shares, or approximately 4 percent, of ICBC's Hong Kong-traded shares, raising its stake in China's biggest state-run commercial bank to 1.3 percent overall, according to a statement issued by Temasek.

Temasek will hold 5.3 percent of the approximately 87...
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