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CITIC Pacific in $36.5 billion deal to buy parent's main business

By Elzio Barreto and Denny Thomas HONG KONG (Reuters) - China's CITIC Pacific <0267.HK> has agreed to buy the main operating unit of its parent, state-backed CITIC Group, for $36.5 billion in a stock and cash deal aimed at diversifying its metals and mining business. The purchase will give a much-needed boost to CITIC Pacific's ailing finances after it miscalculated the huge cost of developing a mine in Western Australia.

Chinese giant Citic list in Hong Kong through local unit

Chinese conglomerate Citic Group, whose businesses span property, resources and banking, plans to shift its vast assets into its Hong Kong-listed unit in a multi-billion-dollar deal that will help it tap overseas investment. The country's largest state-run conglomerate will hand all its shares in Citic Limited -- its operating company with unaudited assets worth about $36.2 billion at the end of last year -- to Hong Kong unit Citic Pacific.

Chinese giant Citic list in Hong Kong through local unit

Chinese conglomerate Citic Group, whose businesses span property, resources and banking, plans to inject its vast assets into its Hong Kong-listed unit in a multi-billion-dollar deal that will help it tap overseas investment. The country's largest state-run conglomerate will hand all its shares in Citic Limited -- its operating company with unaudited assets worth about $36.2 billion at the end of last year -- to Hong Kong unit Citic Pacific.

CITIC Pacific shares set to open 20 percent higher after parent agrees to inject assets

HONG KONG (Reuters) - Shares in Chinese steel-to-property conglomerate CITIC Pacific Ltd <0267.HK> are indicated to open 20 percent higher on Thursday after its parent CITIC Group agreed to inject its main operating arm into CITIC Pacific. CITIC Pacific said in a filing late on Wednesday that it will purchase 100 percent of CITIC Ltd, which had total equity of about 225 billion yuan ($36.3 billion) at the end of 2013.

2 Hong Kong firms paying $10.9M to settle SEC insider trading allegations on CNOOC-Nexen deal

WASHINGTON - Two Hong Kong investment firms have agreed to pay a total of $10.9 million to settle U.S. regulators' allegations of insider trading prior to the takeover of a Canadian oil and gas producer by China's state-owned oil company CNOOC. The Securities and Exchange Commission announced the settlement Tuesday with CITIC Securities International Investment Management and China Shenghai Investment Management.

Australian tycoon's 'rape' tirade against Chinese firm

Outspoken resources tycoon Clive Palmer condemned the "rape and disrespect" of Australia by foreign firms Friday in a spat with a Chinese miner which warned the case was being watched closely in Asia. Palmer is locked in a long-running dispute over royalties and port operations with Hong Kong-based Citic Pacific over its Sino Iron magnetite project, a partnership with China's state-owned Metallurgical Group Corporation. Citic is mining for magnetite iron ore on Palmer's sprawling Australian Mardie Station cattle farm under a 25-year lease.

Australian tycoon's 'rape' tirade against Chinese firm

Outspoken resources tycoon Clive Palmer condemned the "rape and disrespect" of Australia by foreign firms Friday in a spat with a Chinese miner that warned the case was being watched closely in Asia. Palmer is locked in a long-running dispute over royalties and port operations with Hong Kong-based Citic Pacific over its Sino Iron magnetite project, a partnership with China's state-owned Metallurgical Group Corporation. Citic is mining for magnetite iron ore on Palmer's sprawling Australian Mardie Station cattle farm under a 25-year lease.

Hong Kong stocks end 0.37% higher

Hong Kong stocks rose 0.37 percent on Thursday, taking their lead from a record close on Wall Street following another upbeat batch of US economic data. The benchmark Hang Seng Index added 84.41 points to 22,986.41 on turnover of HK$65.17 billion ($8.41 billion). The city's traders followed a broad rise on regional markets after the Federal Reserve said in its "Beige Book" that the US economy grew at a "moderate" pace across most regions at the end of 2013, with muted price and wage rises.

China's largest magnetite ore project makes first shipment from Australia

China's largest magnetite ore project makes first shipment from Australia PORT CAPE PRESTON, Australia, Dec. 2 (Xinhua) -- With a beep of the horn, the first shipment of magnetite concentrate by CITIC Pacific Mining departed Port Cape Preston, Western Australia, on Monday, an encouraging move for the troubled project. Barge loaders carried magnetite concentrate product from the stockpiles on land to a ship moored offshore. The first shipment of some 40,000 tons of magnetite concentrate will head to CITIC Pacific's special steel mill in Jiangsu Province, east China.

BBVA says sells stake in China's Citic Bank for 944 mn euros

Spain's second-biggest bank BBVA said Thursday it had agreed to sell a 5.1-percent stake in China Citic Bank to its parent company for 944 million euros ($1.35 billion). The deal will reduce its stake in the Hong Kong-listed bank to 9.9 percent, just below 10 percent to adjust to the internationally agreed Basel III capital rules that punish banks for holdings in other lenders above that threshold.
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