Glencore offers to buy Teck's coal business as takeover battle takes a turn

Teck depends on steelmaking coal

A month later, Glencore said it wanted to take over Teck and undergo its own separation. Glencore, which posted revenue of about US$250 billion last year compared to Teck’s US$13 billion, produces an array of commodities including, gold, copper, cobalt, zinc, nickel, oil and coal. Glencore’s plan differs from Teck’s in that the two new companies would not depend on the other for revenue.Article content

that shareholder vote just hours before it was scheduled to take place since it didn’t expect the separation to be approved by two-thirds of its shareholders, the necessary threshold needed for the plan to go through.to prevent such a deal from taking place in a bid to ensure that Teck’s copper continues to be owned by a Canadian company.

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