LOS ANGELES (MarketWatch) -- China's largest lender said late Tuesday it is seeking to buy out its publicly listed Hong Kong unit at a premium. Industrial & Commercial Bank of China Ltd. said it would pay 29.45 Hong Kong dollars ($3.79) for each share of Industrial & Commercial Bank of China Asia Ltd. that it doesn't already own. The offer represents a 27.8% premium over ICBC Asia's HK$23.05 close before its shares were suspended pending the announcement. ICBC, which owns close to 73% of ICBC Asia, said the tender represents its final price offer and would be allowed to lapse if shareholders do not respond.
