With the offer for the coal business of Teck Resources Ltd. now formally on the table, all eyes are on the federal government. Will Ottawa approve the US$8.9 billion deal and, if so, under what conditions? Teck chief executive Jonathan Price says the deal is good for his company and good for Canada. He says Glencore is promising to maintain jobs, invest billions in capital expenditures and increase spending on research and development.
Teck’s coal assets are beset with pollution problems, indirectly emitting tens of millions of tonnes of carbon dioxide annually and implicitly at odds with Canada’s own steel decarbonization efforts. Teck’s coal assets have long stood against Ottawa’s policy objectives, and that does not change with the ownership. Without any significant conditions, the coal assets exist in a regulatory environment that is increasingly hostile to them
Nederland Laatste Nieuws, Nederland Headlines
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Teck Resources to Sell Majority of Coal Business to GlencoreTeck Resources Ltd. is planning on selling the majority of its coal business to Swiss commodities trading giant Glencore PLC, and two Asian steelmakers will buy the balance in a US$8.9-billion transaction.
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Teck in Talks to Sell Coal Business to GlencoreTeck Resources is reportedly in talks to sell its coal business to Glencore, according to the Wall Street Journal. The potential deal comes as Teck aims to reduce its carbon footprint and shift towards cleaner energy sources.
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