It is reported that the CRCC Tongguan Investment Co a joint venture with investments from China Railway Construction Corporation Limited and Tongling Nonferrous Metals Group Holdings Co Ltd finally acquired 96.6% shares of Corriente Resources Inc after two setbacks.

The bulletin released by Tongling Nonferrous Metals recently showed that CRCC-Tongguan purchased all the outstanding common shares of Corriente at a price of CAD 8.60 in cash per share before the expiry of the offer on May 28th 2010. CRCC and Tongling bought around 76 million common shares of Corriente under the agreement.

According to the agreement, CRCC-Tongguan was set to acquire 100% shares of Corriente in 100% of cash of offer acquisition.

The data showed that it is the second largest overseas copper mining acquisition deal for Chinese companies. In accordance with estimation by analysts, the deal can achieve profits of CNY 150 billion in total in a view of the 10 million tonnes reserve after the acquisition.

(Sourced from People's Daily Online)