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.

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.

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