March 24, 2010 / 2:10 PM / in 8 years

UPDATE 1-China's CRCC-Tongguan extends bid for Corriente

* CRCC-Tongguan extends offer to April 28 from March 25

* Corriente’s shares fall 4.2 percent in early trade

TORONTO, March 24 (Reuters) - Corriente Resources’ CTQ.TO Chinese suitor CRCC-Tongguan Investment said on Wednesday it will extend its bid to acquire all of Corriente’s outstanding shares to April 28 from March 25.

CRCC-Tongguan, which is controlled by China’s Tongling Nonferrous Metals Group (000630.SZ) and China Railway Construction Corp (601186.SS), agreed in December to pay C$679 million ($666 million) to acquire Corriente, an Ecuador-focused, Vancouver-based mining exploration company.

Corriente’s shares fell sharply on Monday after reports that Chinese companies might begin to pull out of investments in Ecuador due to a recent spat between the two countries. But its shares regained ground on Tuesday as investor fears began to ease. [ID:N23172330]

The Chinese company did not declare any reason for the extension of the offer, but the announcement spooked investors and Corriente’s shares fell 4.2 percent to C$7.52 in early trade on Wednesday on the Toronto Stock Exchange.

CRCC-Tongguan did state that the offer is subject to certain conditions, including receipt of all necessary regulatory approvals. It said it believes that all approvals necessary to complete the offer will be obtained before the new expiration date.

$1=$1.02 Canadian Reporting by Euan Rocha; editing by Peter Galloway

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below