Ottawa approves sale of Teck’s B.C. steelmaking coal business to Glencore

Ottawa says it has approved Teck Resources Ltd.’s sale of a majority stake in its steelmaking coal business to Swiss commodities giant Glencore.

The Vancouver-based miner said it expects to receive $9.5 billion from the sale, excluding closing adjustments. As part of the transaction, Champagne said Glencore has committed to establishing and maintaining a Vancouver head office for Elk Valley Resources for at least 10 years, along with regional offices in Calgary and Sparwood, B.C.

Glencore’s $25-billion hostile takeover attempt had “raised very serious concerns and was rejected by shareholders,” Champagne said.

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Ottawa approves sale of Teck's steelmaking coal business to GlencoreVANCOUVER — Ottawa says it has approved Teck Resources Ltd.'s sale of a majority stake in its steelmaking coal business to Swiss commodities giant Glencore.
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Ottawa approves sale of Teck's steelmaking coal business to GlencoreVANCOUVER — Ottawa says it has approved Teck Resources Ltd.'s sale of a majority stake in its steelmaking coal business to Swiss commodities giant Glencore.
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Ottawa set to approve Glencore takeover of Teck’s coal business with stringent conditionsThree sources close to the transaction said that Ottawa was planning to soon approve the Glencore transaction as soon as Thursday evening
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