Hong Kong-based conglomerate CITIC Pacific, a diversified company with a primary focus on special steel manufacturing, iron ore mining, energy and property, has announced that it has signed a framework agreement with its parent company CITIC Group to acquire all of its assets.
At the end of 2013, the total value of the assets in question was RMB 225 billion ($36 billion). CITIC Pacific also plans to sell shares as part of the proposed transaction at HKD 13.48 ($1.72) per share.