Sidley, Ashurst, Freshfields on $10B Citic Deal
Thailand's Charoen Pokphand Group Co. Ltd. and Japanese trading house Itochu Corp. are buying a 20 percent stake in the Chinese state-run conglomerate.
January 19, 2015 at 09:29 PM
2 minute read
Sidley Austin, Ashurst and Freshfields Bruckhaus Deringer are advising on a $10.4 billion investment into Chinese state-run conglomerate Citic Ltd. by Thai conglomerate Charoen Pokphand Group Co. Ltd. and Japanese trading house Itochu Corp.
Citic is the Hong Kong-listed arm of China's Citic Group, a massive conglomerate that has interests in everything from banking to real estate to energy. In the deal, CP Group—which is controlled by Dhanin Chearavanont, Thailand's richest man—and Itochu are buying a total of 5.8 billion Citic shares, giving them a 20.61 percent stake in the company.
The stake is being acquired through two transactions, including the purchase of 3.3 billion shares from Citic for $5.92 billion and 2.5 billion shares from another Citic Group subsidiary for $4.43 billion. The three companies have also agreed to “to explore and capture important strategic opportunities” in China and other global markets, according to a Citic filing to the Hong Kong exchange.
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