Business NEWS
Teck Resources Sells 17% Stake to China Investment Corp. (CIC) for C$1.74 Billion
By Amarendra Bhushan for CEOWORLD Magazine Updated:July 4, 2009
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Debt-heavy Canadian mining company Teck Resources Ltd. announced it has sold a 17 per cent stake in the company to China Investment Corp. (CIC) in a $1.74-billion all-cash deal.
The sale gives CIC more than 101 million class B subordinate shares for seven per cent aggregate voting rights in Teck. The shares sold at $17.21 each.
CIC expects the deal to close by July 14, and has agreed to hold the shares for at least one year afterwards.
The $200 billion Chinese fund said this lock-up period was consistent with its strategy as a long-term investor.
Teck Resources said CIC had agreed to buy 101.3 million class B subordinate voting shares for C$17.21 per share, giving it a roughly 17.2 per cent equity stake and 6.7 per cent voting interest in Teck.
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