On July 15, 2009, Teck Resources Limited completed a private placement of 101,304,474 Class B subordinate voting shares to a wholly owned subsidiary of China Investment Corporation (CIC) for proceeds of US$1.5 billion. After completion of the transaction, CIC indirectly holds 17.5 per cent of Teck's outstanding Class B subordinate voting shares, representing a 6.7 per cent voting interest in Teck. Teck applied the net proceeds of the transaction to reduce its outstanding bank debt.
Teck was represented in-house by Peter Rozee, senior vice president, commercial affairs and Nick Uzelac, and by Stikeman Elliott LLP with a team that included William Braithwaite, Sean Vanderpol, Robert Galea and Shawn Neylan (Toronto); Ralph J. Lutes, Jonathan Drance and Philip Griffin (Vancouver).
Paul, Weiss, Rifkind, Wharton & Garrison LLP provided advice to Teck on US regulatory and legal matters with a team that included Edwin S. Maynard, Aun A. Singapore and Leah C. Fleck.
CIC was represented in-house by Hong Zhang, managing director, legal and compliance, and Cynthia Hu, senior management, and by Torys LLP in Toronto and New York by a team that included Philip Brown, Michael Amm, Michael Akkawi, Joris Hogan, Gavin Sinclair, Corrado Cardarelli and Andrew Wong. Scotia Capital Inc. acted as financial advisor to CIC in this transaction.