International law firm Freshfields Bruckhaus Deringer has advised CITIC Group and CITIC Limited on the proposed sale and subscription of shares to a consortium of investors formed by CP Group (CPG) and ITOCHU Corporation (ITOCHU), for a cumulative value of US$10.3bn.
The two transactions were both announced to the Hong Kong Stock Exchange today.
Under the proposal, CITIC Limited will allot and issue 3,327,721,000 fully paid convertible preference shares for a total consideration of HK$45.9bn (US$5.92bn) to CT Bright, a joint venture established by CPG and ITOCHU.
On the same day, a wholly-owned subsidiary of CITIC Group (and a controlling shareholder of CITIC Limited) proposes to sell 2,490,332,363 shares for a total consideration of HK$34.3bn (US$4.42bn) to the same company.
The investments coincide with the establishment of a non-binding Strategic Cooperation Agreement to explore further opportunities in global markets.
The Freshfields team advising on the transaction was led by China Chairman Teresa Ko, and Beijing corporate partner Richard Wang.
Source: www.freshfields.com
