Teck leaning towards partial sale of coal unit, as it weighs new restructuring plan

is leaning towards selling only a portion of its coal business, said mining veteran Pierre Lassonde, who is hoping to emerge the victor in an ongoing auction of Canada’s biggest diversified mining company.

Keeping Teck as Canadian as possible has emerged in recent months as potentially a major roadblock for Swiss trading house and miner Glencore PLC, which has been attempting to engage with Teck on a proposed US$22.5-billion takeover proposal for the entire company. While Teck has rejected Glencore’s advances on two occasions, the company continues to insist that it is still interested in buying all of Teck, and has floated the possibility of taking an offer directly to shareholders.

Avoiding a shareholder vote on a partial sale of the coal business would negate the need to win the blessing of CIC this time around, as well as hedge funds who may prefer a quick cash exit for the coal business. Neither would Teck have to engage with proxy advisory firms, who give advice to shareholders in votes, and whose backing the mining company cannot rely upon.

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