Citic Pacific plans to buy parent company's assets - Bloomberg

March 26 Wed Mar 26, 2014 4:55am EDT

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March 26 (Reuters) - China's Citic Pacific Ltd is planning to acquire assets from its state-owned parent Citic Group Corp, Bloomberg reported, citing people familiar with the situation.

The deal could be valued at about $40 billion and Citic Pacific plans to sell shares as part of the proposed transaction, Bloomberg said. (link.reuters.com/cet87v)

Citic Pacific shares were suspended from trading on March 24, pending an announcement.

Citic Pacific could not immediately be reached by Reuters for comment. (Reporting by Supriya Kurane in Bangalore, additional reporting by Donny Kwok in Hong Kong; Editing by Joyjeet Das)

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