LONDON -- Kuwait, hungry for Gulf War reconstruction funds, has further reduced its stake in Midland Bank PLC by selling about $3.6 million worth of shares.

The Kuwait Investment Office said the sale reduced its stake to 2.23%.

The agency once had as much as 10% but sold most of its shares in April, retaining a 2.4% stake. HSBC Holdings PLC bid for Midland in April but has been challenged by an offer from Lloyds Bank PLC.

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