posted on May, 10 2012 @ 03:36 PM
Originally posted by CaptGizmo
I think you have your figures backwards on this one. Bank of America just sold all of it CCB shares for 10.8 billion. CCB did not buy Bank of America.
That wont happen I think since Bank Of Americas assets are in the tune of 2.8 Trillion Dollars....not billions
Nope, I was correct, you are not grasping the first story I linked to.
CCB bought out BofA in 2006
BofA had 8% of ownership in but sold all but 1% of said ownership in CCB.
CCB had 8% stocks as an offset purchase agreement in BofA back in 2006 when it bought them out in Hong Kong and still held those shares as of 2010.
Not that they are worth anything now.
The reason I read why 8% on both was that China would not allow BofA to own more of CCB, hence the even share percentage to make the deal work.
Read the first story I linked too
edit on 10/5/12 by sirric because: (no reason given)