Aroundtheworld

CITIC buys French packaging company

CITIC Capital Holdings has completed a deal to acquire Axilone, a Paris-based cosmetics packaging company that operates in France, Spain, the US and China, sina.com reported on Monday.

CITIC announced the bid to buy Axilone from Oaktree Capital Management LP in November 2017 and secured 405 million euros ($494.83 million) in loans from banks, including Barclays and Credit Suisse, for the deal, according to media reports.

CITIC, which manages more than $22 billion, has completed more than 50 investments around the world, including in the US, Europe and Japan, in recent years, the company said on Thursday.

China Innovation invests in US battery firm

China Innovation Investment has entered into a framework agreement to purchase shares in California-based battery producer Power Solutions Energy Inc, according to media reports on Monday.

Under the agreement, China Innovation would buy an undisclosed amount of shares in Power Solutions through cash and/or convertible bond issues, sina.com said on Monday, citing a company statement.

Power Energy has technologies that could improve the capacity of lithium-ion batteries by 80 percent, according to the report.

Following the news, China Innovation’s share price rose by 19.23 percent at the market close on Monday.