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As a part of its continuing efforts to shed non-core assets across the globe, Exxon Mobil Corp (NYSE:XOM) makes a renewed effort to dispose of a part of its 60 percent stake in Hong Kong based Castle Peak Power Co Ltd, hiring Barclays to relaunch an auction that could raise as much as $2 billion. An attempt last year to sell the stake to China Southern Power Grid and CLP Holdings ended up unsuccessful. CLP Holdings, which belongs to Hong Kong’s Kadoorie family, is the owner of the other 40 percent portion in Castle Peak Power. A remark in the latest annual report of CLP Holdings sheds light on why the talks may have failed: “The negotiations with Exxon Mobil have been protracted and there has been a considerable gap between CLP/CSG and Exxon Mobil on the valuation and terms of any such acquisition.

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