Deal allows Teck to sell off coal assets while keeping critical mineral copper mining operations in Canada
The Canadian government has approved Glencore's takeover of Canadian mining company Teck Resources, which had a significantly large coal mining division.
Under the terms of the agreement, Teck said the transaction is now expected to close on July 11. Teck expects to receive total cash proceeds of US$6.9 billion from the sale. Part of the reason was that Glencore was poised to take over Teck's metals operation, instead of just the steelmaking coal mines. Canada wanted Teck to keep its copper mining operations intact.
As part of the review process, Glencore has provided a significant package of legally binding commitments in support of the transaction, said a federal government news release.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
When Glencore spins off Teck’s dirty coal, it also spins off the cleanup to taxpayersTeck has announced a plan to sell the majority of its coal business to Glencore in a transaction worth US$8.9-billion
Read more »
Ottawa set to approve Glencore takeover of Teck’s coal business with stringent conditionsThree sources close to the transaction said that Ottawa was planning to soon approve the Glencore transaction as soon as Thursday evening
Read more »
Canada set to approve Glencore takeover of Teck coal business, The Globe and Mail reportsThe government is planning to approve the deal as soon as Thursday, the report added citing sources close to the transaction. Teck and Glencore did not...
Read more »
Glencore’s Teck Coal Unit Deal Is Said to Near Canada ApprovalCanada’s federal government is poised to approve Glencore Plc’s $6.9-billion acquisition of Teck Resources Ltd.’s metallurgical coal business with several stringent conditions, two sources with knowledge of the transaction told Bloomberg.
Read more »
Glencore’s Teck Coal Unit Deal Is Said to Near Canada Approval(Bloomberg) -- Canada’s federal government is poised to approve Glencore Plc’s $6.9-billion acquisition of Teck Resources Ltd.’s metallurgical coal business ...
Read more »
Glencore coal deal approved by Canada as Teck plans buybackCanada has approved Glencore Plc’s US$6.9-billion acquisition of Teck Resources Ltd.’s metallurgical coal business, while the latter announced a $2 billion share buyback and pledged to boost copper output.
Read more »