Teck planning full exit from coal business, in event of partial sale will spin off remainder

intends to completely exit its coal business, but in the event of only a partial sale, would spin off the remainder to ensure a clean break, a source familiar with the situation said.company has been entertaining a variety of bids for its metallurgical coal business since late April after an earlier restructuring plan failed.

The Globe and Mail is not identifying the source because the person was not authorized to speak publicly.Several contenders other than Glencore have emerged in recent months, submitting bids for only a portion of the coal business. Those include a consortium led by Canadian mining veteran Pierre Lassonde, as well as a bid from Japan’s Nippon Steel

Glencore last week reaffirmed its interest in Teck, saying it has set aside about US$2-billion in cash to be put toward a potential transaction. Teck’s history goes back to 1913, when Hughes Gold Mines Ltd. started up a gold mine in Teck Township on the shores of Kirkland Lake, Ont. Three generations of the Keevil family built what is now Canada’s biggest diversified mining company.

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