ICBC aims to delist Hong Kong unit

ICBC will spend $1.4 billion to buy out minority shareholders in ICBC Asia, in a deal Goldman Sachs is managing.

The Industrial and Commercial Bank of China Limited ICBC is attempting to buy out minority shareholders in the Industrial and Commercial Bank of China Asia ICBCA in a deal estimated to be worth HK$10.8 billion $1.4 billion.

ICBC owns 73% of ICBCA, which is its Hong Kong listed unit. It is offering the remaining 27% minority shareholders HK$24.95 a share which is a 28% premium to ICBCA’s last traded price on July 26 before it was suspended from trading on July 27. The price also represents a 41% premium over the average closing price for the 30 trading days up to and including July 26, and a 49% premium...

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