Wells Fargo Executes Four Block Trades Worth $2 Billion

(Bloomberg) -- Four block trades valued at a combined $2 billion exchanged hands Monday, this time through Wells Fargo & Co., according to a person familiar with the matter, the latest batch of a series of such deals.

The bank solicited interest from investors in 18 million ViacomCBS Inc. shares at $48 apiece before the market opened Monday, said the person, who asked not to be named because the matter is private. Wells made intraday offerings of 2.8 million Baidu Inc. American depositary receipts at $198 apiece, 5 million Farfetch Ltd. shares priced at $47, and 12 million Vipshop Holdings Ltd. ADRs at $28.50 each, the person said.

A Wells Fargo representative declined to immediately comment.

Shares in all four companies were offered beginning Friday via Goldman Sachs Group Inc. and Morgan Stanley, Bloomberg News has reported. Block trades continued on Monday, with about 20 million shares of Rocket Cos. sold through Morgan Stanley, people familiar with the matter said.

A margin call on the family office of former Tiger Management trader Bill Hwang has led to the liquidation of more than $20 billion in stocks ranging from Chinese technology firms to U.S. media giants.

ViacomCBS, the U.S. media giant, slipped 4% to $46.20 at 3:15 p.m. in New York trading. Baidu, the Beijing-based internet company, fell 2% to $204. Farfetch, a London-based seller of apparel and accessories, declined 6% to $47.98. Vipshop, a Chinese internet retailer, slid 7% to $28.92.

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