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Bank of America Corp To Cut China Construction Bank Corp With $1.5 Billion Stake Sale-Reuters


Tuesday, 3 Sep 2013 06:07am EDT 

Reuters reported that Bank of America Corp has launched an up to $1.5 billion share offering in China Construction Bank Corp (CCB), exiting an eight-year investment. The U.S. bank is offering two billion Hong Kong-traded shares of CCB in a range of HKD5.63 to HKD5.81 each, according to a term sheet of the deal seen by Reuters. The price is equivalent to a discount of up to 5.1% to Tuesday's close of HKD5.93.