--FILE--Pedestrians walk past a branch of China Citic Bank in Shanghai, China, 24 December 2014. Japanese trading house Itochu Corp and Thailand¯s C
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Imaginechina Limited / Alamy Stock PhotoImage ID:
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5760 x 3840 px | 48.8 x 32.5 cm | 19.2 x 12.8 inches | 300dpiDate taken:
24 December 2014Photographer:
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--FILE--Pedestrians walk past a branch of China Citic Bank in Shanghai, China, 24 December 2014. Japanese trading house Itochu Corp and Thailand¯s Charoen Pokphand Group are in talks to pay more than Y1tn ($8.5bn) for a 20 per cent stake in Chinese conglomerate Citic, potentially gaining access to highly regulated areas of China¯s economy. Privately held CP Group, controlled by Dhanin Chearavanont, Thailand¯s second-richest man, and the Japanese conglomerate would split the investment, according to a person familiar with the talks. With a stake in Hong Kong-listed Citic, whose operations range from financial services and real estate investment to infrastructure, CP Group and Itochu would aim to expand into resources and property development in China and other parts of Asia, the person said. CP Group and Itochu signed a cross-shareholding deal in July aimed at developing agribusiness ventures to tap China¯s interest in securing a safe supply of food and water. In a statement Itochu said its board would be discussing the joint investment later on Tuesday. The comment came after Japan¯s Nikkei newspaper reported that the two companies were discussing final details to acquire a fifth of Citic.