Citigroup Wins Bid for China’s Guangdong Development Bank
Tuesday, October 31st, 2006AFX :Citigroup has won the bid for Guangdong Development Bank, the official Shanghai Securities News reported, citing an unidentified source.
The source said Citigroup and the Chinese lender will sign a final agreement soon.
Citigroup and its unit Associates First Capital will take a combined stake of no more than 25 pct in
Guangdong Development Bank, in compliance with China’s regulations, the source said.
But the source did not say how much stake will be held by each member of the Citigroup consortium, which is reportedly aiming to acquire over 80 pct of the Chinese lender for 24.1 bln yuan.
Local media reported earlier that Societe Generale and its partners, which include Sinopec and Baosteel, have offered 23.5 bln yuan for the Chinese bank.
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