Itochu and Charoen Pokphand to acquire stake in CITIC Group
January 26, 2015 Category Foreign investment, Weekly
Japan’s third-largest trading house Itochu Corp and Thailand’s Charoen Pokphand Group are planning to invest USD10 billion jointly in CITIC Group, China’s biggest conglomerate. They will acquire a joint stake of as much as 20%. The CITIC investment will be Itochu’s biggest in China and it ranks as CP Group’s second-largest after the HKD72 billion purchase of a minority stake in Ping An Insurance Group. Itochu said the company and CP Group plan to buy around 2.5 billion shares in CITIC for HKD34.4 billion in April, and another 3.3 billion shares for HKD45.9 billion in October. The deal comes as CITIC has been broadening its investor base as part of Chinese President Xi Jinping’s efforts to reform state-owned enterprises (SOEs). CITIC completed a restructuring in August by injecting around USD36 billion worth of assets into a Hong Kong-listed unit.
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