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Energy

CITIC Group in talks for up to 49 percent stake in CEFC unit

A CEFC logo is seen at CEFC China Energy's Shanghai headquarter in Shanghai, China September 14, 2016. Picture taken September 14, 2016. REUTERS/ Aizhu Chen

BEIJING (Reuters) - CEFC China Energy is in talks with China’s state-run CITIC Group for CITIC to take a maximum 49 percent stake in the private conglomerate’s European unit, a CEFC executive briefed on the matter told Reuters on Tuesday.

A CEFC spokesman said he couldn’t immediately comment on the matter.

CEFC Europe said late on Monday that the firm’s activities in Czech Republic would continue, and a new unnamed Chinese shareholder would join the firm.

Czech news website www.tyden.cz said without naming its sources the new shareholder would be China’s state-owned CITIC Group, and that it would take a 49 percent stake in CEFC Europe.

Reporting by Chen Aizhu; editing by Richard Pullin

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