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Goldman to Sell $1Bn Stake
Smart Money Seems to be Pouring Out of China, Once a 'White Hot' Market.
[ by Melanie Gretchen ]
Goldman Sachs continued unloading shares of ICBC - Industrial and Commercial Bank of China. Acquired ahead of ICBC's IPO in 2006, Goldman has twice in less than a year reduced its stake in China largest bank. Goldman has been selling off its shares as part of a broader effort to reduce its exposure to Industrial and Commercial Bank of China, which has benefited from an almost 50% rise in its share price over the past 6 months.
After initially investing around $2.6 billion, Goldman has raised more than $4.5 billion by progressively selling down its stake in the Chinese bank.
For further details, go to [Dealbook, 1/28/13].
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