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Glencore offers to buy Teck’s coal business as takeover battle for Canadian mining company takes a new twist

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Glencore confirmed in a statement early Monday that it had submitted a ‘proposal’ to Teck’s board, although no price was given

board of directors. Glencore did not mention a price in its statement, but analysts assume it would be about US$8.2-billion - the value that Glencore attached to the Teck coal assets in April.

Glencore’s proposal seems to mark a turning point in the company’s three month-effort to merge with Teck in an all-share deal. That effort has been formally rejected by the Teck board and was not supported by the company’s chairman emeritus Norman B. Keevil, who, with Sumitomo of Japan, controls the super-voting Teck A shares.

The bank noted that it would provide Teck with a “cleaner exit from coal” that is original spin-off proposal, and allow Glencore to split its own business in half, eventually creating separate metals and coal companies.

 

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