Singapore-China Investment Corp. (CIC) is buying a 15 percent stake in Singapore-listed Noble Group for US$850 million. Noble said that it will place out 438 million newly-issued shares and 135 million shares from trusts associated with the interests of Noble founder and CEO Richard Elman, 69, to CIC at $2.1137 per share. The deal will raise net proceeds of US$642.2 million, which Noble will use to pursue strategic investments in key global agricultural markets. Earlier this year, CIC spent $1.5 billion to take a 17.2 percent stake in Teck Resources of Canada.
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