Teck Resources To Sell 17.2% Stake To China Investment Through C$1.74 Bln Private Placement – Update
Friday, Canadian diversified resource company Teck Resources Limited said it has agreed to sell about 17.2% of its equity to state-owned China Investment Corp. through a C$1.74 billion private placement, with which the company expects to reduce its outstanding bank debt. The transaction is expected to close on or about July 14, 2009, subject to customary conditions, including applicable stock exchange approvals.
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