American Express Co. has raised about $210 million by selling half of its stake in the Industrial and Commercial Bank of China.
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The companies said Monday that Amex had completed a private sale of half of its ICBC shares to a group of investors. Those 638 million shares had just been released from a lockup period that ended Tuesday. The lockup on the other shares is due to expire Oct. 20.
Amex said last month that it was considering selling its stake in ICBC after the lockup periods end. The New York company said in a regulatory filing Tuesday that it expects to gain about $132 million after taxes from selling the first half of that stake.
