The Industrial and Commercial Bank of China (ICBC) (601398.SH), the world’s largest by market value, announced late Tuesday it had reached an agreement with Bangkok Bank of Thailand to buy a 19.26% stake in Thailand’s ACL Bank. Under the agreement, the ICBC would acquire the stake held by Bangkok Bank at Bt11.5 (US$0.343) per share. The ICBC said it would also make a tender offer to all other ACL Bank shareholders, making its bid for the bank worth a total of about Bt18.29b (US$544.5m). (Xinhua News Agency)
ICBC buys 19.3% stake in ACL Bank at Bt11.5 per share
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