Morgan Whittles Down List of CICC Bidders

NEW YORK (TheStreet) -- Morgan Stanley (MS) has shortlisted bidders including five U.S. private-equity firms and Taiwan's Fubon Financial for the sale of its stake in China International Capital , a report says.

The bidders for Morgan Stanley's 34% stake in CICC include Fubon, and private-equity firms Bain Capital, Kohlberg Kravis Roberts, Carlyle Group, General Atlantic and TPG.

Reuters reports buyout firm J.C. Flowers also has expressed interest in the CICC stake.

The bidders will be allowed to inspect CICC's books and interview management over the coming months in order to finalize a bid amount, the Journal reports.

A deal could fetch almost $1 billion and will help Morgan Stanley develop a new securities platform in China, the Journal reports. As per Chinese regulations, the bank has to first sell its stake in CICC before it can go ahead with its joint venture plans with China Fortune Securities to tap the local securities market.

Meanwhile, Government of Singapore Investment Corp., which owns a 7.35% stake in CICC, is reviewing options to increase its stake in the company, people familiar with the matter told the Journal.

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