Deals
China Logistics Owners to Sell Control at $2 Billion Value
- RRJ and Chairman Li said to invite bids for their 50% stakes
- Stake sales will trigger general offer for entire company
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China Logistics Property Holdings Co.’s two biggest shareholders have kicked off a plan to sell their stakes in a move that could trigger a takeover offer of the logistics operator, according to a sales document and people familiar with the matter.
RRJ Capital and Chairman Li Shifa aim to sell their combined 50% stake in the Hong Kong-listed company, valuing it at about $2 billion, or a more than 20% premium to the latest price, said the people, asking not be identified as the matter is private. The first non-binding bid is due around mid-January, the people said.