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Glencore sweetens offer for coal-averse Teck shareholders with R151bn in cash | Business

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Mining giant Glencore said on Tuesday it has amended its offer to shareholders of Canadian miner Teck in order to allow for them to take as much as $8.2 billion (R151 billion) in cash - instead of shares in a new-coal focused entity. | News24_Business

Mining giant Glencore said on Tuesday it has amended its offer to shareholders of Canadian miner Teck in order to allow for them to take as much as $8.2 billion in cash - instead of shares in a new-coal focused entity.

The board of Teck had publicly rebuffed Glencore's $23 billion merger offer in early April. The offer represents about a 20% premium for shareholders., while it has said previously that accepting the deal would expose shareholders to a number of risks, including thermal coal, oil trading, as well as a company operating in multiple legal jurisdictions.Get 14 days free to read all our investigative and in-depth journalism. Thereafter you will be billed R75 per month.

 

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