HONG KONG: China’s CITIC Pacific has agreed to buy the main operating unit of its parent, state-backed CITIC Group, for 226.93 billion yuan (US$36.5bil) in a stock and cash deal.
CITIC Pacific would pay 49.92 billion yuan (US$8bil) in cash and issue shares worth 177.01 billion yuan to CITIC Group, according to a CITIC Pacific filing with the Hong Kong stock exchange yesterday.
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