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
Get CEOWORLD Magazine digital monthly version. special- Top Capital Cities for a business Traveler, # Interview with Minister of Tourism of Greece. 1 Issues Subscription= $1 Only, 10 Issues Subscription= $5 Only. Grab your copy now!!!!
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.
Related Reading:
BusinessThe Ninth Edition of this bestselling introductory text features a completely up-to-date, comprehensive survey of the functional areas of business: ma... Read More >
BusinessThe tenth edition of this best-selling introductory text features an up-to-date, comprehensive survey of the functional areas of business: management,... Read More >
Small Business For DummiesWant to start the small business of your dreams? Want to breathe new life into the one you already have? Small Business For Dummies, 3rd Edition provi... Read More >
Good to Great: Why Some Companies Make the Leap... and Others Don'tThe Challenge
Built to Last, the defining management study of the nineties, showed how great companies triumph over time and how long-term sust... Read More >
Start Your Own BusinessYOUR ROAD MAP to BUSINESS SUCCESS
From the editors of Entrepreneur magazine, this bestselling business startup book has helped hundre... Read More >
Like this article!
(No Ratings Yet)
Loading ...171,056 views
Comments
Grab a copy of CEOWORLD Magazine for $1 only!!!
