China taking a $1.5 billion stake in Canada’s Teck
LONDON (MarketWatch) — The state-run China Investment Corp. is going to take a C$1.7 billion ($1.5 billion) stake in Teck Cominco , a deal that will give it a 17% equity stake with 6.7% voting interest in the Vancouver miner, according to a statement released Friday. The miner said the deal will have a “very positive effect” on its balance sheet and give it a deeper understanding of China, its top consumer. CIC plans to be a “long-term passive financial investor” and hold the stake for at least one year and then won’t sell it to any other rival or material customer of Teck.
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