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Glencore offers to buy Teck's coal business as takeover battle takes a turn

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Swiss miner Glencore is in talks with Teck Resources to buy the Canadian miner’s coal assets, both companies said. Read more

At a mining conference in May Glencore’s chief executive Gary Nagle said buying Teck’s coal business alone would be a “distant second in terms of potential benefits” as compared to buying the whole company.Teck said it was going to split its company

The company said the move was designed to unlock more value for shareholders by creating a company for investors who want a clean break from fossil fuels. A month later, Glencore said it wanted to take over Teck and undergo its own separation. Glencore, which posted revenue of about US$250 billion last year compared to Teck’s US$13 billion, produces an array of commodities including, gold, copper, cobalt, zinc, nickel, oil and coal.

Glencore’s plan differs from Teck’s in that the two new companies would not depend on the other for revenue.Article content

 

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