CP Group and Itochu buy $10.4 billion Citic Ltd stake

Deal to buy a 20% stake in the Chinese state-owned enterprise is the country's largest inbound M&A deal on record.

CP Group and Itochu buy $10.4 billion Citic Ltd stake

Charoen Pokphand group, headed by Thailand's richest man Dhanin Chearavanont, and Japanese trading firm Itochu have agreed to buy a 20% stake in Citic Ltd for about HK$80 billion $10.4 billion, in a further sign that China's state-owned giants are opening the door to private capital.

The investment would be one of the largest into a Chinese SOE and comes at a time when valuations are undemanding, according to some analysts.

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