Pursuits
Billionaire Li Gears Up for Deals After ‘Project Diamond’
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It was code named “Project Diamond.” And on Friday, after six months of secret negotiations, Hong Kong’s richest man Li Ka-shing unveiled the $24 billion reorganization designed to help expand his sprawling empire through acquisitions.
The 86-year-old billionaire proposed a reshuffle of his two main holding companies, Cheung Kong Holdings Ltd. and Hutchison Whampoa Ltd. If approved by shareholders, the plan would create two new corporations with specific focuses: one for his property portfolio, and the other with assets from ports to retail stores that span more than 50 countries.