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
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