Allianz, American Express Plan ICBC Stake Sale - Source
April 23 2009 - 11:01PM
Dow Jones News
Allianz SE (AZ) and American Express Co. (AXP) are considering
selling down their stakes in Industrial & Commercial Bank of
China Ltd. (1398.HK), and have mandated Goldman Sachs Group Inc.
(GS) to handle the potential sale, a person familiar with the
situation said Friday.
The lockup on half of American Express and Allianz's combined
2.3% holding will expire Tuesday. The shares are worth US$2.16
billion based on ICBC's last traded price of HK$4.37 at 0220 GMT
Friday.
"There is no definite plan yet as to the timing and the details
of the placements," the person said.
Allianz and American Express said late March they would explore
all potential sale methods that would maximize value and minimize
market impact, "with a preference for a private sale to
investors."
The other half of their holdings in ICBC will expire Oct.
20.
Goldman Sachs also owns a 4.93% stake in the Chinese bank and
has pledged a new share lockup commitment in which it won't sell
80% of its ICBC shares prior to April 28, 2010.
-By Amy Or, Dow Jones Newswires; 852-2832 2335;
amy.or@dowjones.com