May 14, 2014 / 9:40 AM / 3 years ago

Citic Pacific says independent advisor approves terms of CITIC Group deal

May 14 (Reuters) - China’s state-backed Citic Pacific Ltd said on Wednesday an independent financial advisor had found the terms and conditions of its proposed acquisition of some of its parent’s assets fair.

The appraised value of the assets Citic Pacific is buying rose slightly to 226.99 billion yuan ($36.4 billion), compared with 226.93 billion yuan previously, the company said, citing the value approved by China’s Ministry of Finance (MOF).

Citic Pacific’s independent board panel has recommended that shareholders vote for the deal, the company said in a statement to the Hong Kong stock exchange. ($1=6.2291 Chinese Yuan) (Reporting by Anne Marie Roantree, Denny Thomas and Elzio Barreto; Editing by Clarence Fernandez)

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