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Bank of America selling $2.8 bln CCB stake

Tue Jan 6, 2009 8:35pm EST

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HONG KONG, Jan 7 (Reuters) - Bank of America (BAC.N) is selling a $2.83 billion stake in China Construction Bank (0939.HK) at a 12 percent discount to the stock's last closing price, according to a term sheet obtained by Reuters.

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The U.S. lender is selling more than 5.62 billion shares in Construction Bank at HK$3.92 apiece in a placement handled by Merrill Lynch and UBS (UBSN.VX)(UBS.N). Construction Bank shares closed at HK$4.45 each on Tuesday.

($1=HK$7.8) (Reporting by Umesh Desai and Tony Munroe, Editing by Jacqueline Wong)

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