Tag: citic pacific

Air China and Swire Pacific will buy a majority of Citic Pacific’s 17.49% stake in Cathay Pacific, in a deal worth $942 million. Citic Group agrees to buy FX "hedges" with mark-to-market losses of HK$10.4 billion from its Hong Kong-listed unit in exchange for an interest equity stake. Citic Pacific's $2 billion loss was characterised as a currency hedge, but if that was really its intention it had quite the opposite effect.