Glencore takes majority stake in Canadian coal business
Headline from Digital Journal
Swiss commodities giant Glencore will acquire a majority stake in the steelmaking coal business of Canadian miner Teck Resources, the companies said on
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Swiss commodities giant Glencore will acquire a majority stake in the steelmaking coal business of Canadian miner Teck Resources, the companies said on
Teck Resources Ltd. is set to sell its coal business to commodities trader and miner Glencore Plc, Japan’s Nippon Steel Corp and South Korea’s Posco in a nearly $9 billion deal that could be announced as early as Tuesday.
Glencore Plc will buy a majority stake in Teck Resources Ltd.’s coal business, ending a months-long saga and setting the stage for the commodity giant to exit the coal business itself.
Glencore is in advanced talks with Tech Resources to acquire its coal operations, with a deal expected to be announced by the end of the week which could value the business at $10 billion.
