Goldman raises $1.1b in ICBC stake dilution
Goldman Sachs' investment in the Industrial & Commercial Bank of China (ICBC) looks to be paying off. Across three separate stake sales, the US investment firm has more than doubled its original capital commitment, and it still owns a 2.4% stake in the company, positioning it for greater windfall. However, ICBC also cost the firm $1 billion in the third quarter of 2011, suggesting that the party may be slowing.
Last week, Goldman divested $1.1 billion worth of shares in ICBC, marking its third sell-down since buying a 4.9% stake in 2006. Goldman's three divestments - the others in June 2009 and September 2010...
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