Saturday July 4, 07:15 AM
China fund to buy $1.5 bln stake in Canadian miner
BEIJING (AFP) - China's sovereign wealth fund said it would buy 1.5 billion dollars worth of shares of the Canadian mining (CNG.V - news) company Teck Resources Ltd.
The purchase by the China Investment Corp would amount to a 17.2 percent equity stake in Teck, giving the 200-billion-dollar wealth fund a 6.7 percent voting interest in the mining company, the corporation said Friday.
"CIC (Paris: FR0005025004 - news) is acquiring the Class B Shares for investment purposes as a long-term passive financial investor and has agreed to hold the purchased shares for at least one year following closing," the corporation said on its website.
"The aggregate purchase price will be 1.5 billion dollars in cash."
The deal is expected to be finalised by July 14, it added.
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