CLP pays $1.8 billion for stakes in Exxon units

Exxon Mobil raises $3.4 billion by selling out of two units to HK utilities group CLP and China Southern Power Grid.
Castle Peak Power owns three coal fired power stations in Hong Kong
Castle Peak Power owns three coal fired power stations in Hong Kong

Hong Kong utilities company CLP has agreed to buy stakes in two Exxon Mobil units for HK$14 billion $1.8 billion.

CLP, controlled by the wealthy Kadoorie family, will buy a 30% stake in Castle Peak Power, which owns three coal fired power stations in Hong Kong, for HK$12 billion, taking its ownership up to 70%.

China Southern Power Grid, a state-owned group, will buy the remaining 30% stake in Castle Peak Power for HK$12 billion, its first offshore acquisition. 

CLP will also buy the remaining 51% stake in Hong Kong Pumped Storage Development for HK$2 billion, which...

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