Independent shareholders have approved Citic Pacific’s (0267.HKG) plan to buy out the assets of its state-owned parent Citic Group in a deal worth US$37 billion (RMB227 billion), The Wall Street Journal reported. To pay for the deal, Citic Pacific, which will be renamed Citic Ltd, will issue around US$29 billion in shares that will be bought by its parent company, the first capitalist firm established in China after 1949. The transaction is set to be completed by 29 August, and will lead to the parent company’s first public listing. The move has been tags as a blueprint for overhauling the country’s state-owned firms.
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