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Teck closes sale of coal business to Glencore after federal approval

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Vancouver-based Teck received US$7.3 billion from Glencore for its coal business, which it sought to off-load in order to focus more on critical minerals and the energy transition

The Teck Resources logo on a podium before the company's special meeting of shareholders, in Vancouver, on April 26, 2023.says it has completed the sale of its remaining 77 per cent interest in its steelmaking coal business to Glencore plc.

. Industry Minister François-Philippe Champagne said last week the green light for the sale of Teck’s coal business comes with “strict” conditions and represents a “much narrower” transaction than Glencore’s hostile takeover attempt last year.

 

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Canada set to approve Glencore takeover of Teck coal business, The Globe and Mail reportsThe government is planning to approve the deal as soon as Thursday, the report added citing sources close to the transaction. Teck and Glencore did not...
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