On May 31, 2010, Corriente Resources Inc., a Canadian company developing the Panantza-San Carlos and Mirador copper-gold projects in Ecuador, was acquired by CRCC-Tongguan Investment (Canada) Co. Ltd., a joint venture of Tongling Nonferrous Metals Group Holdings Co. Ltd. and China Railway Construction Corporation Limited, pursuant to a formal take-over bid. Under the bid, which was made February 1, 2010 pursuant to a support agreement dated December 28, 2009, Corriente's shareholders received $8.60 per share in cash, for total proceeds of approximately $680 million.
Davies Ward Phillips & Vineberg LLP acted for CRCC-Tongguan with a team led by Ian McBride and Kevin West that included Aaron Hunter, Michael Lee and Chrissy Giannoulias (securities) and Mark Katz and Jim Dinning (foreign investment review). Geoffrey Turner provided Canadian tax advice and the Davies New York office provided US securities and tax advice. Pérez Bustamante & Ponce provided Ecuadorian law advice to CRCC-Tongguan.
Bull, Housser & Tupper LLP acted for Corriente with a team led by Marion Shaw that included Judith Downes and James Atherton (securities). Corriente's board of directors was advised by Blake, Cassels & Graydon LLP with a team that included Peter O'Callaghan and James Chen (securities).