Goldman (GS) to Exit ICBC Stake; Could Make 300% on Investment
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Given that its Merger Monday, Goldman Sachs (NYSE: GS) doesn't want to be left out.
The WSJ notes today that Goldman is looking to unload its stake in Industrial & Commercial Bank of China Ltd. (ICBC) for about $1.1 billion. Shares will be sold for HK$5.47 to HK$5.50 each, a discount of 2.5 percent to 3 percent from last Friday's close.
The sale will complete Goldman's investment in ICBC.
Goldman took a 4.9 percent stake in ICBC back in 2006 for about $2.58 billion. Including a $1 billion sale last January, the firm could gross over $9.7 billion.
Shares of Goldman are indicated for a lower open.
The WSJ notes today that Goldman is looking to unload its stake in Industrial & Commercial Bank of China Ltd. (ICBC) for about $1.1 billion. Shares will be sold for HK$5.47 to HK$5.50 each, a discount of 2.5 percent to 3 percent from last Friday's close.
The sale will complete Goldman's investment in ICBC.
Goldman took a 4.9 percent stake in ICBC back in 2006 for about $2.58 billion. Including a $1 billion sale last January, the firm could gross over $9.7 billion.
Shares of Goldman are indicated for a lower open.
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