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.

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. 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. Teck previously closed the sale of a minority stake in the steelmaking coal business to Japan's Nippon Steel Corp. and South Korea's Posco.The Canadian Press

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Teck closes sale of coal business to Glencore after federal approvalVancouver-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
Source: globeandmail - 🏆 5. / 92 Read more »

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
Source: globeandmail - 🏆 5. / 92 Read more »

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...
Source: YahooFinanceCA - 🏆 47. / 63 Read more »