Goldman Sachs Group Inc sold $1.1 billion of shares in Industrial and Commercial Bank of China Ltd (ICBC) late on Wednesday, less than originally expected as global markets plunged on concerns of a worsening of the European debt crisis. The New York-based firm sold 1.75 billion Hong Kong-listed shares of ICBC at HK$4.88 each, putting the deal total at HK$8.54 billion ($1.1 billion), a source with direct knowledge of the terms told Reuters. The person declined to be named because details of the deal were not made public.Goldman had originally offered 2.4 billion shares of ICBC, the world's biggest bank by market value. The deal was priced at the low end of the HK$4.88 to HK$5 range offered.The Wednesday deal, which came as U.S. and European markets tumbled on concerns over a spike in Italian bond yields, was Goldman's third sell-down in ICBC .
The Goldman Sachs Group, Inc. (Goldman Sachs) is a bank holding and a financial holding company. Shares of GS fell by 8.21% or $-8.91/share to $99.67. In the past year, the shares have traded as low as $89.88 and as high as $175.34. On average, 8549730 shares of GS exchange hands on a given day and today's volume is recorded at 10599384.
Source
