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Glencore makes offer for Teck's steelmaking coal business

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Published Mon, Jun 12, 2023 · 02:42 PM
    • Glencore, which mines and trades thermal coal, the fossil fuel used to produce electricity, said it would demerge the coal units of both companies.
    • Glencore, which mines and trades thermal coal, the fossil fuel used to produce electricity, said it would demerge the coal units of both companies. PHOTO: REUTERS

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    GLENCORE on Monday (Jun 12) offered to buy Teck Resources’ steelmaking coal business as a standalone unit, after its US$22.5 billion offer to combine the two companies was twice rebuffed by the Canadian miner.

    Teck Resources said on June 6 it had received several proposals for its steelmaking coal business.

    Glencore, which mines and trades thermal coal, the fossil fuel used to produce electricity, said it would demerge the coal units of both companies.

    Boss Gary Nagle in May said that buying Teck’s coal business as a standalone unit was a “distant second” for the Swiss mining company, as it still pursues its merger plans. REUTERS

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