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Cheung Kong to buy out Hutchison in US$24b reorganisation

Published Fri, Jan 9, 2015 · 09:50 PM
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Hong Kong

CHEUNG Kong Holdings has offered US$24 billion in stock to buy out unit Hutchison Whampoa and will spin off its property assets in the biggest reorganisation of Hong Kong billionaire Li Ka-shing's corporate empire.

Cheung Kong investors will swap their shares in the Hong Kong developer for stakes in a new holding company called CK Hutchison Holdings Ltd, the company said in an exchange filing. CK Hutchison will then issue new shares to buy out minority owners of Hutchison Whampoa, a conglomerate which controls ports, retail and telecommunications operations.

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