| China Investment Corporation is expected to more than double its money when it offloads a 6.9 per cent stake in the Goodman Group for $519.2 million, just 3 1/2 years after the sovereign wealth fund first bought into the listed Australian industrial property giant in 2009.
The deal, fully underwritten by investment bank Goldman Sachs, involves 166.7 million securities being sold with a floor price of $4.45, which leaves CIC with a stake of about 9.9 per cent. Morningstar Equities analyst Tony Sherlock said that CIC had picked up the stake "for a song" and made an "amazing return" on its investment...............................................Full Article: Source
|