Exxon Nets $3.1B Selling Its Stake In Hong Kong Power JV

Law360, New York (November 19, 2013, 3:59 PM EST) -- Exxon Mobil Corp. is unloading its 60 percent stake in a Hong Kong utility onto its partner in the JV, CLP Holdings, as well as state-owned China Southern Grid, for a total of 24 billion Hong Kong dollars, or US$3.1 billion, CLP said Tuesday.

Exxon has a 60 percent stake in the joint venture, Castle Peak Power Co. Ltd., also known as CAPCO, and CLP is acquiring half of that, or 30 percent of the company, for HKD$12 billion ($1.55 billion).

China Southern Grid is buying...
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