amended: corrects company name to CITIC Pacific in the headline.
Citic Pacific Ltd. (CTPCY.PK) said that it signed a share transfer agreement with Citic group to buy 100% of Citic Limited, the main operating entity of Citic group, for RMB 226.93 billion in cash and stock deal.
As per the deal, CITIC Pacific will pay RMB 49.92 billion in cash and issue shares worth RMB 177.01 billion to CITIC Group.
The company said that the proposed value of new shares to be issued to CITIC Group amounts to RMB 177.01 billion, which equates to 16.58 billion shares. The new shares shall be priced at HK$13.48 per share, a premium of 25.86% to average closing price of CITIC Pacific's shares for the last 60 days up to and including the pricing date (24 March, 2014), being the last trading day before the company announced that it was in discussion with CITIC Group regarding the acquisition.
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