GE harvests US$1.6bn haul on Wabtec sell-down

摘要

General Electric cashed out US$1.6bn last week by selling the bulk of its 24.9% stake in wabtec, the recently merged railroad locomotive and parts maker. GE sold 22m shares Wednesday at US$73.50 apiece, a 2.1% discount to last sale and reducing its stake in Wabtec to 13.5%. That was a massive increase from the 12.5m shares the industrial conglomerate had pledged to sell. Morgan Stanley and Goldman Sachs, the joint lead bookrunning managers along with joint-books Bank of America Merrill Lynch and Citigroup, marketed the selldown for one day Wednesday.