Teck Resources Ltd. TECK-B-T is fielding expressions of interest from parties potentially interested in mergers-and-acquisitions transactions concerning its metallurgical coal business, as Canada’s biggest diversified mining company weighs the best path forward after a botched restructuring plan earlier this year.
In April, Vancouver-based Teck did not move forward on a planned split of the business that would have seen it spin off its coal division from its metals mines, after it failed to win sufficient support from shareholders.
Under the arrangement, the coal operation would have paid a 90-per-cent annual royalty to metals for about a decade, a scenario that a significant contingent of investors did not like. Among the investors that voted against the proposed transaction was China Investment Corp., Teck’s biggest shareholder.
Teck in the aftermath said it would consider a cleaner split of the company, but gave few details on what that might look like.
For the rest of this article: https://www.theglobeandmail.com/business/article-teck-interest-coal-business/