Deals
Cheung Kong to Buy Out Hutchison in $24 Billion Restructuring
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Cheung Kong Holdings Ltd. offered $24 billion in stock to buy out unit Hutchison Whampoa Ltd. and will spin off its property assets in the biggest reorganization of Hong Kong billionaire Li Ka-shing’s corporate empire.
Cheung Kong investors will swap their shares in the Hong Kong developer for stakes in a new holding company called CK Hutchison Holdings Ltd., the company said in a Jan. 9 exchange filing. CK Hutchison will then issue new shares to buy out minority owners of Hutchison Whampoa, a conglomerate which controls ports, retail and telecommunications operations.