Wednesday, November 3, 2010

Bank of America may let stake shrink in China Construction Bank Corp

BOA 'unlikely' to join rights offer
Bank of America may sell its rights, worth about US$1-billion, to third parties, cutting its stake from nearly 11 to 10.2 percent.
(The source for this info wanted to remain anonymous according to a longer article.)

Bank of America, Li Ka-Shing Reduce China Bank Stakes -- Bank of America sold off $2.8 Billion in Jan 2009. The original acquisition was in 2005 for $3 billion. I have to say, their timing was excellent.

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