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By David Rogers Goldman Sachs GS +1.58%is selling a 6.9% stake in Goodman Group GMG.AU -1.50%to institutional investors on behalf of China Investment Corp. for at least 521 million Australian dollars (US$549 million), a person familiar with the matter told Deal Journal Australia.
The sale of 117 million shares in Goodman Group is being conducted in 1 cent increments from a floor price of A$4.45.
China Investment Corp. accumulated a 17.8% stake in Goodman Group in 2009 via a heavily discounted A$1.3 billion equity raising and the purchase of hybrid notes which converted to equity.
Goodman Group and China Investment Corp. representatives weren’t immediately available for comment.
Goodman Group shares closed Tuesday at A$4.59, having risen 61% in 2012 so far.
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