Teck Cominco Ltd. said Monday it has secured the nearly $10 billion in financing needed to take over Fording Canadian Coal Trust, but that reassurance didn't keep the big metal producer's shares from being trounced in a commodity selloff.

Teck shares sank $4.65, or 13.9 per cent, to $28.92 on the TSX, just shy of its 52-week low of $28. Teck shares were trading near $53 in May.

Analysts said the share drop has more to do with a decline in global metals prices as a result of fears the Wall Street financial crisis will lead to a slumping worldwide economy and reduced demand for metals and other commodities, especially from fast-growing economies in India and China.

"The market is indiscriminately selling the stock," one analyst said.

Teck said the $9.8 billion in financing it requires to pay the cash portion of its $14-billion US purchase of Fording should be in place by Tuesday, the same day Fording unitholders are scheduled to vote on the deal.

The financing includes a fully underwritten $4-billion US senior term loan facility and a $5.81-billion US bridge loan.

Turmoil in the U.S. financial system had cast doubt on the financing deal, particularly because Merrill Lynch, which committed to loan 20 per cent of the $9.8 million, was recently taken over by Bank of America.

JP Morgan and Citigroup are also each putting up 20 per cent. In Canada, CIBC, Royal Bank and Bank of Montreal are each lending Teck about 13.3 per cent of the $9.8 billion.

Teck spokesperson Greg Waller said the structure of the financing hasn't changed since it was originally announced as part of the deal for Fording, Canada's largest exporter of coal.

Fording units, which have been punished in recent weeks as a result of the market uncertainty surrounding the financing, fell $4.07, or 4.9 per cent, to $79.12 Monday. The price is still below Teck's offer for Fording, which is valued at about $91 per unit.

With files from the Canadian Press