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China's CIC says to hold Teck for at least 1 year

Fri Jul 3, 2009 8:13am EDT

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BEIJING, July 3 (Reuters) - China Investment Corp (CIC), the country's sovereign wealth fund, said on Friday it had agreed to hold the shares it acquired in Canada's Teck Resources (TCKb.TO) for at least one year.

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The $200 billion Chinese fund said this lock-up period was consistent with its strategy as a long-term investor.

Teck Resources said CIC had agreed to buy 101.3 million class B subordinate voting shares for C$17.21 per share, giving it a roughly 17.2 per cent equity stake and 6.7 per cent voting interest in Teck. (Reporting by Simon Rabinovitch; Editing by David Cowell)

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