Goldman Sachs last night trimmed its stake in Industrial and Commercial Bank of China ICBC through a $1 billion block trade its fifth such sale since it first invested in the Chinese bank in 2006.
The self-led deal was launched at a fixed 3% discount and was well received by investors. According to a source, almost 100 accounts participated in the transaction and when the order books closed at 8pm Hong Kong time, it was close to three times covered.
Goldman’s stake in ICBC fell just below 5% following its most recent sell-down in mid-April last year, which means that it no longer has to disclose its...
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