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05/07/2009 00:00 AST
Teck Resources Ltd., Canadas largest diversified mining company, sold a 17 percent stake to Chinas $200 billion sovereign wealth fund for C$1.74 billion ($1.5 billion) to reduce debt.
China Investment Corp., also known as CIC, will buy 101.3 million Class B subordinate voting shares for C$17.21 each, Vancouver-based Teck Resources said today in a statement. Teck said the deal will give CIC a 6.7 percent voting interest.
Teck has sold assets to reduce debt after adding $9.8 billion of loans last year to buy Fording Canadian Coal Trust, a producer of coal used in steelmaking. Teck last year sold more than half of its coking coal production to Japan and Korea and recently started selling to China, the worlds largest steelmaker.
``For a lot of people looking at Tecks financial situation, there was certainly no opportunity for them to grow organically in the short term, said David Davidson, an analyst for Paradigm Capital Inc. in Toronto, who has a ``buy on Teck shares. ``This opens it up.
For more on this:
http://www.bloomberg.com/apps/news?pid=20601082&sid=aZyOxfRZ9gPQ
Bloomberg
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|---|
| Index | Closing | Change |
|---|---|---|
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| DAX | 18,699.40 | 181.01 (0.97 |
| S&P 500 | 5,626.02 | 30.26 (0.54 |
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