Citic Pacific pressing on buy of parent company

Citic Pacific urging investors to approve a $40bn buyout in a deal it hopes will help shore up funding for its troubled Sino Iron project.

Citic Pacific is urging its investors to approve a $40 billion buyout of its parent company in a deal it hopes will help shore up funding for its troubled Sino Iron project, the Pilbara mine it operates with Clive Palmer.

In a prospectus posted to the Hong Kong Stock Exchange last night, the Chinese mining group said the dramatic restructure was vital to the company’s future growth prospects.

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