Itochu and CP Group plan to contribute evenly to the investment in the Chinese conglomerate, together taking a roughly 20 percent stake, the Japanese newspaper reported, without saying where it got the information.
An Itochu spokesman said the company was checking the report.
In December, a person familiar with the matter had told Reuters that CITIC Ltd was in early talks with companies including Itochu and CP Group about a large share placement.
(Reporting by Osamu Tsukimori and Chris Gallagher; Editing by Stephen Coates)