Deals
China Sovereign Fund Buys $1.75 Billion Construction Bank Stake
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China Investment Corp., the country’s sovereign wealth fund, bought $1.75 billion of shares in China Construction Bank Corp., increasing state control of the second-largest Chinese lender by market capitalization.
CIC bought 2.76 billion shares at an average price of $0.634 off the exchange on Nov. 14, according to a disclosure filing to the Hong Kong stock exchange yesterday that didn’t identify the sellers. That increased CIC’s stake to 60.46 percent from 59.31 percent.