Glencore offers to buy Teck’s coal business as takeover battle for Canadian mining company takes a new twist

board of directors. Glencore did not mention a price in its statement, but analysts assume it would be about US$8.2-billion - the value that Glencore attached to the Teck coal assets in April.

Glencore’s proposal seems to mark a turning point in the company’s three month-effort to merge with Teck in an all-share deal. That effort has been formally rejected by the Teck board and was not supported by the company’s chairman emeritus Norman B. Keevil, who, with Sumitomo of Japan, controls the super-voting Teck A shares.

The bank noted that it would provide Teck with a “cleaner exit from coal” that is original spin-off proposal, and allow Glencore to split its own business in half, eventually creating separate metals and coal companies.

South Africa South Africa Latest News, South Africa South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Glencore indicates willingness to bid for Teck Resources’ coal businessTeck Resources’ substantial coal assets have been valued at US$8.2-billion
Source: globeandmail - 🏆 5. / 92 Read more »

Hong Kong launches bid to attract Canadian companies, but rights group warns of risksHong Kong's government is betting that Canadian companies and other overseas businesses will put profits over politics as it tries to lure talent and industry back to the city that has been cracking down on dissent after quashing a pro-democracy protest movement.
Source: CP24 - 🏆 30. / 67 Read more »