(Bloomberg) — The world’s biggest miners are back in serious dealmaking mode and Teck Resources Ltd. is taking center stage.
The Canadian miner, which has exited its coal business with a sale this month to Glencore Plc, is drawing attention from across the industry because of its attractive copper assets, as the biggest names position for the next wave of activity in the wake of BHP Group’s failed bid for Anglo American Plc.
Teck is seen as a logical merger partner in particular for Anglo American or Vale SA’s base-metals business, both of which have studied the specifics of a potential deal internally, according to executives, advisers and bankers familiar with the companies’ thinking. Larger rivals including BHP, Rio Tinto Group and Freeport-McMoRan Inc. are also watching Teck closely and could be in a position to respond if another player made the first move.
Teck shares rose as much as 6.1% in Toronto. There’s no certainty that any of the companies will ultimately make an offer for Teck, and any potential transaction could face significant hurdles. The company is still controlled by its founding family, which successfully opposed an unsolicited bid last year from Glencore.
For the rest of this article: https://www.bnnbloomberg.ca/business/2024/07/26/teck-draws-ma-attention-from-big-miners-in-rush-for-copper/