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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World ICBC buyout plan sends Hong Kong unit shares soaring AFP - Thursday, August 12 Send IM Story Print ICBC buyout plan sends Hong Kong unit shares soaring Slideshow: Full Photo Coverage: Business & Economy HONG KONG (AFP) - – Shares in the Hong Kong-listed unit of Industrial & Commercial Bank of China surged by almost a quarter on Wednesday after its parent offered to take it private. ICBC, which holds a 73 percent stake in the Hong Kong unit, ICBC Asia, on Tuesday offered minority shareholders 29.45 Hong Kong dollars (3.79 US) per share in cash. Trading in ICBC Asia shares had been suspended on July 27 pending an announcement, but they surged 24.7 percent to 28.75 Hong Kong dollars on Wednesday. Beijing-based ICBC's 10.8-billion Hong Kong dollar (1.4 billion US) plan to take the unit private follows earlier acquisitions of smaller Hong Kong banks amid fierce competition in the city's saturated banking market. ICBC, China's biggest lender by assets, said the move will provide more flexibility to support the Hong Kong unit's future development plans. ICBC Asia, which has a market capitalisation of 31.17 billion Hong Kong dollars, operates 44 branches in Hong Kong, providing various mainland China-related services and yuan business. The deal to take ICBC Asia private valued the bank at 2.14 times the book value at the end of 2009, and fell within the one to two billion US dollar range analysts had earlier expected ICBC to offer to pay minority shareholders. ICBC said the 29.45 Hong Kong dollar per share offer was final, adding it would resort to other ways of raising funds for ICBC Asia, such as a rights issue, if it did not win shareholder approval. ICBC last month announced that it plans to raise up to 45 billion yuan (6.6 billion dollars) via a rights issue in Shanghai and Hong Kong. The announcement makes the bank the latest Chinese lender to seek capital from investors in a bid to strengthen its capital base, after a lending binge last year fuelled concerns over a possible new crop of bad loans. Recommend Send IM Story Print Related Articles US STOCKS-Markets close lower for year in broad selloff Reuters - 25 minutes ago Cisco revenue misses Wall Street view Reuters - 26 minutes ago US-BUSINESS Summary Reuters - 41 minutes ago Obama signs bill to ease U.S. manufacturers' costs Reuters - 46 minutes ago Russia's LUKOIL resumes gasoline supply to Iran -trade Reuters - 46 minutes ago News Search Top Stories BP to start Libyan drilling this year US suffers widest trade gap in 20 months Poverty robs Yemeni children of their young years WHO list reveals flu advisors with industry ties Supermodel diamonds evidence meant to be 'low-key' More Top Stories » Related Full Coverage China Economychina economy All Full Coverage » ADVERTISEMENT Most Popular Most Viewed Most Recommended Visitors attack Taiwan 'haunted house' actors Chelsea agree Carvalho fee with Real A long, hot Ramadan for many devout Muslims Supermodel diamonds evidence meant to be 'low-key' New superbugs spreading from South Asia: study More Most Viewed » Argentine students crack three-decade-old murder mystery 40 US billionaires pledge half wealth to charity World's first full face transplant man appears on TV Calcium supplements linked to heart attacks: study Massive ice island breaks off Greenland glacier More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos World Cup 2010

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