Bank of America sells CCB shares in private deal

Sources say the shares changed hands at a 14.3% discount to Monday's close, allowing Bank of America to raise $7.3 billion, although the US lender has yet to confirm the deal.

A group of investors led by China-based Hopu Investment Management has agreed to buy all of the 13.5 billion shares in China Construction Bank that Bank of America has been allowed to sell since a lockup expired on May 7, people close to the transaction said yesterday.

The deal, which is valued at HK$56.7 billion $7.3 billion, was privately negotiated on a principal-to-principal basis and follows hectic speculation and widespread rumours in recent weeks surrounding the fate of...

To continue reading, please login or register for free

Print Edition

FinanceAsia Print Edition