real-time news and commentary for investors
Tuesday, Sep 3
BofA selling remaining stake in CCB in deal worth up to $1.5B
- Bank of America (BAC) is reportedly selling its remaining stake in China Construction Bank Corp (CCB) at a discount.
- The U.S. company has offered 2B Hong-Kong traded shares at HK$5.63-$5.81 ($0.73-0.75) each, up to 5.1% below today's close of HK$5.93.
- At the offered price, BofA would generate HK$11.26-11.62B ($1.45-1.5B) vs HK$11.86B if the bank sold the shares at HK$5.93.