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Business

Itochu, CP to jointly invest 1 trillion yen in China's Citic Group

Itochu has a stake in this CP factory in Thailand.

TOKYO -- Japanese trading house Itochu and Thai giant Charoen Pokphand Group are ironing out the final details of investing just over 1 trillion yen ($8.45 billion) in a Chinese conglomerate to create new avenues for their food and resource businesses.

     The two plan to invest in Citic Group, which is listed on the Hong Kong Stock Exchange, through an equally owned special-purpose company within the year. They will contribute evenly to the sum, together taking a roughly 20% stake in the Chinese company.

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