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Message: A Corriente watch was announced here a few days ago and now ......

A Corriente watch was announced here a few days ago and now ......

posted on Dec 28, 2009 07:37PM

CRCC-Tongguan Investment to buy Corriente for C$679 million

28/12/09

(Reuters) - Metals explorer Corriente Resources Inc said China's CRCC-Tongguan Investment Co Ltd agreed to buy all of its outstanding shares in a deal worth about C$679 million.

CRCC-Tongguan Investment agreed to pay C$8.60 in cash for every Corriente share, or a 14 percent premium based on Monday's closing.

CRCC-Tongguan Investment is jointly owned by Tongling Nonferrous Metals Group Holdings Co Ltd <000630.SZ> and China Railway Construction Corp <601186.SS><1186.HK>.

Vancouver, British Columbia-based Corriente has agreed to pay a termination fee of C$20 million, if the deal, under certain circumstances, is not completed.

Shares of Corriente closed at C$7.55 on Toronto Stock Exchange.

($1=1.042 Canadian Dollar)

(Reporting by Anuradha Ramanathan in Bangalore; Editing by Jarshad Kakkrakandy)


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