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Goldman Sachs Said to Raise $2.5 Billion in ICBC Sale

Goldman Sachs Group Inc.’s private equity funds are selling a stake in Industrial & Commercial Bank of China Ltd. to Temasek Holdings Pte in their largest divestment of stock in the world’s biggest bank by market value.

Funds affiliated with Goldman Sachs are selling $2.5 billion of shares at HK$5.05 each, according to a term sheet. Temasek, the Singapore state-owned investment group that is increasing stakes in China’s biggest banks, said it was buying 3.55 billion shares, or 4 percent of ICBC’s Hong Kong-traded shares. The holding would cost $2.3 billion, based on the per-share price and stake size.