Hong Kong utilities company CLP has agreed to buy stakes in two Exxon Mobil units for HK$14 billion $1.8 billion.
CLP, controlled by the wealthy Kadoorie family, will buy a 30% stake in Castle Peak Power, which owns three coal fired power stations in Hong Kong, for HK$12 billion, taking its ownership up to 70%.
China Southern Power Grid, a state-owned group, will buy the remaining 30% stake in Castle Peak Power for HK$12 billion, its first offshore acquisition.
CLP will also buy the remaining 51% stake in Hong Kong Pumped Storage Development for HK$2 billion, which...
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