Citigroup went some way to removing a six-month overhang in Fubon Financial late last week when it sold a 5.36% stake in the financial services group. The US banking giant raised $399.6 million from the sale, which has been flagged to the market since June when it formally announced the end of its strategic partnership.
Citi sold 40 million GDR's at $9.99 per unit. One GDR equals 10 common shares.
This represented a 4.5% discount to the stock's NT$34 close on Thursday and the outer end of a 3% to 5% marketed range. Initially the deal was sized at $300 million, but upsized to $400...
