Share sale sees Citi unwind Fubon partnership

A once vaunted partnership is dissolved as Citigroup divests the majority of its stake in Taiwan''s Fubon Financial.

Citigroup went some way to removing a six-month overhang in Fubon Financial late last week when it sold a 5.36% stake in the financial services group. The US banking giant raised $399.6 million from the sale, which has been flagged to the market since June when it formally announced the end of its strategic partnership.

Citi sold 40 million GDR's at $9.99 per unit. One GDR equals 10 common shares.

This represented a 4.5% discount to the stock's NT$34 close on Thursday and the outer end of a 3% to 5% marketed range. Initially the deal was sized at $300 million, but upsized to $400...

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