Bloomberg: China's Citic Pacific to buy assets from parent in $40B deal

China's Citic Pacific (CTPCF), the builder of the largest magnetite mine in the world, intends to buy assets from state-owned parent Citic Group in a deal that could be valued at $40B, Bloomberg reports.

Citic Pacific also intends to sell shares as part of the transaction.

Citic Group, meanwhile, plans to transfer its domicile to Hong Kong.

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