Itochu, CP Group to jointly invest US$10b in China's Citic

Tokyo

JAPANESE trading house Itochu Corp and Thailand's Charoen Pokphand Group (CP) said on Tuesday that they plan to jointly invest US$10 billion in Citic Group, China's oldest and biggest conglomerate.

Itochu and CP Group plan to contribute evenly to the investment, taking a joint stake of as much as 20 per cent, as both seek to raise their exposure to the world's second-biggest economy even as it slows from the blistering growth of the past decade.