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Stock Market & Financial Investment News

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March 26, 2014
08:44 EDTCTPCYCITIC Pacific in talks to buy 100% of shares of parent
CITIC Pacific announced that it is discussing with CITIC Group and Beijing CITIC Enterprise Management the acquisition of 100% of the total issued shares of CITIC Limited. The potential acquisition is subject to further negotiation among relevant parties. On March 26, CITIC Pacific entered into a framework agreement in relation to the potential acquisition with the vendors. It provides that, subject to the entering into a definitive transfer agreement, the vendors agree to sell as the legal and beneficial owners, and CITIC Pacific agrees to purchase the target shares. The parties agree to negotiate in good faith and make reasonable endeavors to determine the total amount and form of the consideration for the shares. According to the agreement, it is expected that the consideration will consist of both cash and new shares to be issued and allotted by CITIC Pacific. Subject to entering into a definitive transfer agreement, the consideration shares are expected to be issued and allotted at HK$13.48 per share.
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