Shareholders in China's Citic Pacific thought they owned a natural resources and property company. That situation is about to change very substantially after Citic Pacific said Wednesday night it would buy the massive collection of assets held by its state-owned parent, which include a football team and banks.
The deal for Citic Group to unload its corporate coffers into the Hong Kong listed entity is not yet done.
It its announcement, Citic Pacific last night said the transaction was still being negotiated.
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