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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

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Glencore said its proposal to only acquire Teck’s coal assets does not mean it has dropped the idea to, something it has been attempting to do since April. Teck has rejected the Swiss miner twice so far. If Glencore ends up buying Teck’s coal assets, it will eventually create a separate company that would include both Teck and Glencore’s thermal and steelmaking coal assets.

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.and create Teck Metals, a standalone company that would focus on copper and other minerals considered key for the energy transition away from fossil fuels, and Elk Valley Resources Ltd., which would focus on coal.

 

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