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By Daniel Inman | 6 July 2009 China's sovereign wealth fund will pay $1.5 billion to become a long-term passive investor in the Canadian mining company. Canadian mining and processing company Teck Resources on Friday announced that it will sell a 17.2% stake to China Investment Corporation (CIC) via a private placement. By taking an interest in Teck, CIC is contributing the trend of Chinese investment in foreign resource companies. The sovereign wealth fund will buy 101.3 million class-B subordinated voting shares at a price of C$17.21 each, amounting to a total outlay of C$1.74 billion ($1.5 billion). The holding represents 17.5% of Teck's outstanding class-B shares (representing approximately 17.2% equity), which will provide CIC with a 6.7% voting interest in the company. The stake comes with no board representation. After... [read full story]
An unidentified oil field employee welds a pipeline in the desert oil fields of Sakhir, Bahrain, on Wednesday, Nov. 25, 2009. Oil prices rose above $76 a barrel Wednesday as the dollar weakened and investors awaited data on the...
David Phillips / Special to The Detroit News Orion Township -- General Motors Co. built the last Pontiac for the U.S. market Wednesday: a white, G6 sedan that rolled off the assembly line in Orion Township around 12:45 p.m....
Forty dollars of vegetables from Eastern Market, a 79-cent yogurt from University Foods, a Jet's pizza for $10.59 and a $75 newsboy cap from Henry the Hatter share a common thread. They can all be found on BoughtInDetroit.com,...
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