Japan’s Itochu and Thailand’s Charoen Pokphand Group CP are the latest in a string of overseas firms to deepen their relationship with China’s largest mainland conglomerate Citic Group following its Hong Kong unit's share sale last year.
Itochu and CP said on Tuesday they plan to buy 20% of Citic Group unit Citic Ltd for HK$80.3 billion $10.4 billion at HK$13.8 per share .
The manner in which Citic Group is restructuring and courting private investment is under intense scrutiny as the Beijing-headquartered conglomerate is widely viewed as the poster child for Chinese President Xi Jinping’s reform of sprawling state-owned enterprises.
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