Allianz, American Express Sell ICBC Stakes As Lockup Expire
April 27 2009 - 9:39PM
Dow Jones News
Allianz SE (AZ) and American Express Co. (AXP) said Tuesday they
have sold half of their stakes in Industrial and Commercial Bank of
China Ltd. (1398.HK) in a private placement as soon as the lockup
period expired.
In a joint statement with China's largest bank by assets,
Allianz said it sold 3.22 billion shares and American Express said
it sold 638 million shares.
Both companies didn't specify the terms of the sale, but said
they sold to "a select group of investors."
Allianz now owns a 0.97% stake in ICBC and American Express
holds a 0.2% stake in the bank. The lockup period for these shares
will end Oct. 20.
-By Amy Or, Dow Jones Newswires; 852-2832-2335;
amy.or@dowjones.com