August 26, 2014 / 2:06 AM / in 3 years

CITIC Pacific says acquisition of CITIC Ltd completed

HONG KONG, Aug 26 (Reuters) - Hong Kong-listed CITIC Pacific Ltd has completed its acquisition of 100 percent of CITIC Ltd after receiving all necessary regulatory approvals, and has become China’s largest conglomerate with a market value of about $50 billion.

In a statement late on Monday, CITIC Pacific said it will be renamed CITIC Ltd effective on Wednesday, and the stocks will trade under the new name from September 1.

Minority shareholders of CITIC Pacific had in June approved a landmark deal to acquire $36 billion of assets from its state-owned parent CITIC Group Corp, China’s biggest and oldest financial conglomerate.

The deal was hailed as the biggest state-owned enterprise reform in China. It changes CITIC Pacific’s business mix considerably. The deal centres on the acquisition of CITIC Ltd, the chief operating arm of CITIC Group.

“As a unique China-focused conglomerate, we are now better positioned financially and strategically,” chairman Chang Zhenming said in the statement.

The new CITIC Ltd, with businesses including financial services, real estate and infrastructure, resources and energy, had attracted 27 strategic investors from the mainland and overseas, representing an aggregate HK$53.27 billion, it added. (1 US dollar = 7.7501 Hong Kong dollar) (Reporting by Donny Kwok; Editing by Stephen Coates)

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