The Bank of America is likely to sell its 8.19 per cent share in China Construction Bank after 27 October, when stocks become tradable after an agreed lock-up period.
Trading Markets reports that Ken Lewis, Chief Executive Officer of Bank
of America, believes it is very likely that the U.S. bank will sell its
shares in China Construction Bank. Bank of America, which bought
Merrill Lynch for USD50 bn in September, may sell its 19.133 billion
shares in the Chinese bank to generate approximately USD8 bn.
The lock-up period ends three years after 27 October 2005, the date the
Chinese bank went public in Hong Kong. At that time, Bank of America bought shares in two waves, spending a total of USD3 bn.
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