UPDATE 1-Morgan Stanley finds buyers for CICC stake - CICC's Li

jueves 4 de marzo de 2010 10:04 CET
 

* Consensus reached on stake sale - CICC

* Deal awaiting regulatory approval (Adds quotes, background)

By Michael Wei and Doug Young

BEIJING, March 4 (Reuters) - Morgan Stanley (MS.N: Cotización) has found buyers for its stake in Chinese investment bank China International Capital Corp, CICC Chairman Li Jiange said on Thursday.

The firms have reached a consensus regarding the stake sale and the deal was awaiting regulatory approval, Li said.

"The deal has been proceeding very smoothly and has developed into a new stage," Li said, making his comments on the sidelines of the Chinese People's Political Consultative Conference in Beijing.

"The next step for us is to apply for approval from the regulatory body," he said.

He declined to identify the buyers or the portion each investor has agreed to buy.

Sources previously told Reuters that private equity firms KKR [KKR.UL] and TPG [TPG.UL] were in late stage talks to buy Morgan Stanley's 34.3 percent stake in CICC for more than $1 billion. [ID:nN22143212]   Continuación...