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Glencore closes deal to take over Teck’s steelmaking coal business

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Swiss firm’s takeover of Elk Valley Resources operations made official

Teck Resources Ltd. says it has completed the sale of its remaining 77 per cent interest in its steelmaking coal business to Glencore plc.

Glencore had initially pursued a $25-billion hostile takeover attempt for all of Teck, a move that sparked economic nationalism concerns in Canada. “This transaction marks a new era for Teck as a company focused entirely on providing metals that are essential to global development and the energy transition,” said the company’s president and CEO Jonathan Price in a statement last week.

 

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Ottawa approves sale of Teck’s B.C. steelmaking coal business to Glencore$9.5M agreement to transfer Elk Valley Resources to Swiss firm expected to close next Thursday
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