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Glencore makes offer for the steelmaking coal business of Teck Resources

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Glencore said it remains willing to pursue its offer for all of Teck, but that it has made an alternative offer for the coal operations that it would combine with its own thermal coal assets

VANCOUVER — Swiss company Glencore it has made an offer to buy the steelmaking coal business of Teck Resources Ltd.

Teck, which rejected Glencore's earlier offer for the entire company, said it's reviewing the latest proposal along with a number of other potential transactions involving its steelmaking coal business. "Teck intends to continue to engage with all parties that have indicated interest to identify a path that realizes value for shareholders while ensuring continued responsible operations in the Elk Valley to support a sustainable future for the benefit of employees, local communities and Indigenous Peoples."

Teck called off a shareholder vote in April on its plan to spin off its steelmaking coal operations into a separate company after it became apparent it did not have the required support for the proposal and instead said it would pursue an alternative, more simplified split.

 

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