Goldman Sachs took the lead in its bid to acquire a large stake on the Huarong Asset Management Co.'s stock sale next year. Morgan Stanley and the Deutsche Bank AG also put up offers, to invest in the US$1.5 billion shares that Huarong would be selling next year. According to anonymous sources interviewed by the Financial Times, final agreements to the bid are expected later in December.
In October of last year, Huarong announced its intentions to seek Chinese and Foreign investors for the sale of its shares. Huarong is owned by the country's Ministry of Finance with 98.06% of shares. The remaining shares are under the control of the China Life Insurance Group, according to a statement made the ministry in September 2012.
Spokesmen for both Goldman Sachs and the Deutsche Bank declined to comment on the issue. While the spokeswoman and the Huarong's press office in China could not be reached for comment, according to the Financial Times report.
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