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Teck surprises with equity issue and sale
Posted on July 03, 2009
Teck Resources Ltd. s announcement that it has issued 101.3 million Class B subordinate voting shares at $17.21 each for $1.74-billion from sovereign wealth fund China Investment Corp. (CIC) comes as a surprise to some given recent comments from the mining giant that it was not looking to raise equity. Instead, the suggestion was that it was looking at selling a stake in the Elk Valley metallurgical coal operations.Nonetheless, BMO Capital Markets analyst Tony Robson sees the deal, which represents 17.5% of outstanding B shares and 6.7% voting interest, as positive for Teck given that it com...
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