Morgan Stanley's Sale of CICC Stake Gets Approvals

Time: 2010-12-09

Morgan Stanley received long-awaited approval from the Chinese government to sell its 34.3% stake in China International Capital Corp., clearing the way for the U.S. investment bank to pursue a new securities joint venture in China.

Morgan Stanley said Wednesday that its shares in the Chinese company will be sold to Kohlberg Kravis Roberts & Co., TPG Capital, sovereign-wealth fund Government of Singapore Investment Corp., or GIC, and Great Eastern Holdings Ltd., an insurer controlled by Oversea-Chinese Banking ...

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