Canada Gives Glencore Conditional Approval to Take Over Teck Coal Unit

Investor Brand Network
Wednesday, July 10, 2024 at 3:05pm UTC

Last week, the government of Canada approved the acquisition of a steelmaking coal business by Glencore from Teck Resources, albeit with strict regulations to preserve jobs. This approval comes after a consortium led by Glencore entered into one of the biggest deals in the mining sector to acquire the steelmaking coal unit for $9 billion in November 2023.

Prior to sealing the deal, Glencore had offered to pay $8.2 billion for this unit. Jonathan Price, CEO of Teck Resources, stated that company management had…

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