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CIC acquires 1.1% stake in Diageo: report

Jul. 21, 2009 (China Knowledge) - China Investment Corp, the country's US$200 billion sovereign wealth fund, has acquired a 1.1% stake in British distiller Diageo PLC for £221 million, sources reported.

After the deal, CIC will be the ninth largest shareholder of Diageo.

In 2008, Diageo set up a separate operating business, Diageo China, to enhance its presence in the Chinese market, sources said.

China is expected to rival the U.S. as one of the British firm's most important markets by 2021.

In addition, CIC will purchase a 17.2% stake in Vancouver-based miner Teck Resources Ltd for C$1.74 billion to help the latter reduce debt, according to an earlier report from China Knowledge.

The Chinese company, the world's largest commodity buyer, has agreed to buy 101.3 million class B voting shares at C$17.21 apiece and hold onto the shares for at least one year. The deal will give CIC a 6.7% voting interest in the Canadian miner.

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