Teck Resources Completes US$1.5B Private Placement to China Investment

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.


Jonathan S. Drance Ralph J. Lutes Sean Vanderpol Andrew Wong Corrado Cardarelli Gavin S.E. Sinclair Michael F.E. Akkawi Phillip G. Griffin Edwin S. Maynard Shawn C.D. Neylan William J. Braithwaite Michael D. Amm Robert Galea


Stikeman Elliott LLP Paul, Weiss, Rifkind, Wharton & Garrison LLP Torys LLP