Bloomberg News

Goldman Sachs Said to Raise $1.1 Billion From ICBC Stake Sale

November 09, 2011

Nov. 9 (Bloomberg) -- Goldman Sachs Group Inc. raised $1.1 billion selling shares of Industrial & Commercial Bank of China Ltd., according to two people familiar with the matter.

Goldman Sachs sold 1.75 billion shares at HK$4.88 each, the people said, asking not to be identified because the details are still private. That is 6 percent below ICBC’s closing price in Hong Kong.

Goldman Sachs had earlier offered 2.4 billion shares at a range of HK$4.88 to HK$5, according to terms of the transaction obtained by Bloomberg News.

To contact the reporter on this story: Zijing Wu in London at zwu17@bloomberg.net

To contact the editor responsible for this story: Mohammed Hadi at mhadi1@bloomberg.net


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