$1.5 billion stake in Canadian miner to be bought by China fund
China's sovereign wealth fund is mulling over the purchase of .5 billion dollars worth of shares of the Canadian mining company, Teck Resources Ltd. On Friday, the corporation said that the purchase by China Investment Corp would amount to a 17.2 percent equity stake in Teck. It will give the 200-billion-dollar wealth fund a 6.7 percent voting interest in the mining company.
The corporation, on its website said: "CIC 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."
It further added that the aggregate purchase price will be 1.5 billion dollars in cash, and the deal will most probably be finalized by 14th July.
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