Charoen in $2bnThai deal

Charoen Pokphand Foods, a Thai agricultural giant, has agreed to acquire 74.2 per cent of CP Pokphand Co, its Hong Kong-listed affiliate, in a deal potentially worth more than $2bn (£1.3bn). CPF will gain access to markets in China and Vietnam with this deal. According to a statement, the Bangkok-listed company will buy 18.8bn CPP shares at HK$0.90 each, where its share price closed on Thursday. Trading in CPP in Hong Kong was suspended on Friday pending this announcement and will resume today.