Teck Cominco
Teck Cominco is Canada’s largest diversified mining, mineral processing and metallurgical company. The company produces significant quantities of copper, metallurgical coal and zinc, and is a significant producer of gold, molybdenum and specialty metals, with interests in several oil sands development assets.
The Company owns, or has interests in, 16 operating mines in Canada, the USA, Chile and Peru, as well as one metallurgical complex in Canada. The Company is actively exploring in over 15 countries throughout the Americas, Asia Pacific, Europe and Africa.
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China Investment Corporation To Acquire 17.5pct Of Teck Cominco Class B Subordinate Voting Shares
Sovereign Wealth Funds (SWFs) have been making inroads to foreign assets such as US banks and real estate for some time now. Flush with cash owing to an export boom and oil bonanza, governments of export oriented Asian countries and oil rich nations set up these SWFs as investment vehicles to manage the country’s foreign exchange reserves. Some SWFs, particularly those of oil producing companies, were set up to act as stabilisers to insulate the budget and economy against oil price swings. SWFs came into lime light when they were involved in some high profile investments such as $21 billion bail out money for Citigroup and Merrill Lynch, 90% share in New York’s Chrysler building and $3 billion investment by China Investment Corporation (CIC) in Blackstone, the private equity company. Their growth and the magnitude of investments even prompted some to view SWFs with considerable hostility. Some even called for rules and policies to govern SWF investments.
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End-October 2008 |
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| $bn | Stake (%) | |
| Citigroup | 22.0 | 12.7 |
| Merrill Lynch | 12.2 | 23.0 |
| UBS | 11.5 | 12.0 |
| Morgan Stanley | 5.0 | 9.9 |
| Barclays | 5.0 | 5.2 |
| Canadian Imperial Bank | 2.7 | 11.1 |
| Bear Stearns | 1.0 | 6.0 |
| Chrysler Tower | 0.8 | n/a |
| Kaupthing | 0.3 | 5 |
| Total | 60.5 | |
| Source: Bloomberg, SWF Institute | ||
