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Temasek sells stake in BofA
Singapore state investment company Temasek Holdings has sold its 3.8 percent stake in Bank of America Corp., the Financial Times reports.
According to the newspaper, Temasek lost an estimated $2 billion or more on investments it made in Merrill Lynch & Co. and BofA.
Temasek bought a $5 billion interest in Merrill in December 2007. It invested an additional $900 million in the New York investment bank in July 2008, becoming its biggest shareholder, with a 13.7 percent stake.
BofA then bought Merrill for $29.1 billion on Jan. 1. Temasek converted its Merrill shares into BofA stock and held 188.8 million shares of BofA valued at $13.70 per share at the time of the merger, for a total worth of $2.6 billion. Between January and March, BofA shares dropped as low as $2.53. At their peak during that period, BofA shares traded at $14.81.
Temasek sold its stake in Charlotte, N.C.-based BofA bank (NYSE: BAC) in the first quarter, though it declines to say exactly when, the newspaper reported.
Temasek Chief Executive Ho Ching said the company is cutting its planned investments in developed economies and will invest more in emerging markets. |
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发表于 2009-5-15 09:15 AM
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