Teck Receives Interest in Coal Business as Glencore Circles – by Jacob Lorinc (Yahoo/Bloomberg – June 6, 2023)


(Bloomberg) — Teck Resources Ltd. received several proposals for deals involving its coal operations, as the Canadian miner works to draw up a new plan for splitting off the business while rejecting a bid from Glencore Plc.

Teck’s plans to exit coal and create a standalone base-metals company suffered a blow in April when it failed to win enough shareholder support for a complicated spinoff proposal. It maintains that separating from its coal assets will create the most value for shareholders, and is now under pressure to develop a plan more appealing than Glencore’s $23 billion offer for the entire company, especially with the prospect of a sweetened bid on the way.

The company said on Tuesday it has received a number of indications of interest related to its coal business, but didn’t give any details about the other parties or structure of potential deals.

Separately, Chief Executive Officer Jonathan Price said that Canadian mining financier Pierre Lassonde “does not speak for Teck,” after he was quoted by local press suggesting the company may seek to avoid another shareholder vote with its revised plan.

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