Chinese Group Acquires 96.9% Stake In Canadian Miner Corriente-Shanghai Metals Market

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Chinese Group Acquires 96.9% Stake In Canadian Miner Corriente

Industry News 02:13:17PM Jun 01, 2010 Source:SMM

June 1, SHANGHAI (Dow Jones)- Tongling Nonferrous Metals Group Holdings Co. and China Railway Construction Corp. (1186.HK) have acquired a 96.9% stake in Canada's Corriente Resources Inc. (ETQ), Tongling Nonferrous Metals Group Co. (000630.SZ) said Monday.

The offer, being made through CRCC-Tongguan Investment (Canada) Co., jointly owned by the Chinese companies, is for C$8.60 a share in cash, or a total of C$ 679 million, to take over the metals mining company, Tongling Nonferrous said in a statement.

The takeover offer was completed before a May 29 deadline that had been extended from April 28, according to a statement from the railway company last Wednesday.

Tongling Nonferrous Metals Group Holdings Co. is the controlling stakeholder of Tongling Nonferrous Metals Group Co. 
 
 

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Chinese Group Acquires 96.9% Stake In Canadian Miner Corriente

Industry News 02:13:17PM Jun 01, 2010 Source:SMM

June 1, SHANGHAI (Dow Jones)- Tongling Nonferrous Metals Group Holdings Co. and China Railway Construction Corp. (1186.HK) have acquired a 96.9% stake in Canada's Corriente Resources Inc. (ETQ), Tongling Nonferrous Metals Group Co. (000630.SZ) said Monday.

The offer, being made through CRCC-Tongguan Investment (Canada) Co., jointly owned by the Chinese companies, is for C$8.60 a share in cash, or a total of C$ 679 million, to take over the metals mining company, Tongling Nonferrous said in a statement.

The takeover offer was completed before a May 29 deadline that had been extended from April 28, according to a statement from the railway company last Wednesday.

Tongling Nonferrous Metals Group Holdings Co. is the controlling stakeholder of Tongling Nonferrous Metals Group Co.