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Citigroup Inc. secured the largest block trade in Australia in seven years by outbidding rivals for a stake in Goodman Group, offering a discount of 1.4% to 1.5% below the closing price. However, the deal fell apart, leaving the bank with unsold stock, resulting in a loss of $17 million. Other banks had proposed larger discounts of 3.5% to 4%.
Citigroup Inc. is facing potential losses of up to A$41 million ($26 million) after struggling to sell a block of shares in Australia’s Goodman Group, which it underwrote for China’s sovereign wealth fund. The bank initiated the sale of 50.4 million Goodman shares at a floor price of A$37.55, reflecting a slight discount of 1.5% from the previous close of A$38.12.
Investcorp Holdings has secured three deals through a new investment vehicle supported by China's sovereign wealth fund, aiming to raise approximately $750 million. Initially, the firm planned a $1 billion fund to leverage the growing economic ties between Gulf oil exporters and China. Chief Investment Officer Rishi Kapoor shared insights on the fund's progress during an interview.
China Investment Corp.
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