Morgan Stanley has restarted efforts to sell its stake in China International Capital Corp (CICC), the country’s first joint venture investment bank, Bloomberg reported. The 34.3% stake in CICC could be worth as much as US$1 billion, according to people familiar with the matter, who spoke anonymously because the bidding process is confidential. US private equity firms are thought to be among the most likely bidders. Morgan Stanley set up CICC in 1995 but ceded control in 2000 and is now a silent partner. The investment bank is keen to dispose of its stake in order to establish a new securities joint venture over which it has management control, analysts said. Morgan Stanley first tried to cash out in 2007 but negotiations with TPG, CV Starr and J.C. Flowers floundered due to disagreements over valuation.
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