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CITIC chief confirms talks to buy assets of troubled CEFC

State-owned Chinese conglomerate could add to its resources portfolio

CITIC Group Chairman Chang Zhenming said talks with CEFC do not involve his company's Hong Kong-listed subsidiary.

HONG KONG -- State-owned conglomerate China CITIC Group has confirmed it is in talks to acquire assets from CEFC China Energy, a formerly acquisitive private oil company recently brought to heel by Beijing.

CITIC Group Chairman Chang Zhenming said at an earnings briefing on Wednesday of Hong Kong-listed subsidiary CITIC Ltd., that the parent company and CEFC are in "preliminary contact." Chang, who is also chairman of the listed company, declined to give further details.

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