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Itochu, CP to buy 20% of Citic

JAPAN'S third largest general trader Itochu Corp said on Tuesday that the company plans to invest US$10 billion together with Thailand's Charoen Pokphand Group (CP) in Citic Group, China's biggest trust company and securities company. The investment will be the biggest by a Japanese company into China.

Itochu and CP Group plan to invest US$5 billion each, taking a joint stake of as much as 20 percent, to seek further opportunities in extensive sectors including China's real estate, infrastructure, agriculture, environment, and new energy services, according to a company's filing released on Tuesday.

The deal comes as Citic has been broadening its investor base as part of government reforms to state-owned enterprises. Citic completed a restructuring in August by injecting about US$36 billion worth of assets into a Hong Kong-listed unit.


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