Teck closes sale of coal business to Glencore in wake of federal approval

The news comes as no surprise following the announcement last week by the federal government that it had approved the sale of the operation to the Swiss commodities giant.

Glencore had initially pursued a $25-billion hostile takeover attempt for all of Teck, a move that sparked economic nationalism concerns in Canada.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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Ottawa set to approve Glencore takeover of Teck’s coal business with stringent conditionsThree sources close to the transaction said that Ottawa was planning to soon approve the Glencore transaction as soon as Thursday evening
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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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