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IBM to Join Citigroup Bid for Chinese Bank Stake
November 13, 2006
by Mike Bevel, CollectionIndustry.com
IBM will join a Citigroup-led consortium bidding $3 billion for control of China's Guangdong Development Bank, according to Reuters.
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IBM would control a 5% stake in the Chinese bank if the bid was successful.
The Citigroup consortium has been in a battle with France’s Societe Generale for the better part of a year to see who will get to control the Chinese bank. The bids have been reported to be around $3 billion, which would give the winner an 85% stake.
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