Glencore mentioned on November 14 that it had entered into an settlement with Teck Sources Restricted to accumulate a 77 p.c stake within the Canadian firm’s steelmaking coal unit for $6.93 billion in money, abandoning JSW Metal, which was additionally seeking to purchase the unit.
In the meantime, Nippon Metal Company will purchase further shares in Teck’s meteorological coal enterprise unit, Elk Valley Sources.
South Korea’s Posco may also take a 3 p.c stake in TEC’s coal unit in trade for its 2.5 p.c stake in Elkview’s operations and its 20 p.c stake within the Greenhills three way partnership, Switzerland-based Glencore mentioned.
It mentioned the deal is anticipated to shut within the third quarter of 2024.
Final month, the Sajjan Jindal-led metal large confirmed it had not modified its plans to purchase a possible stake within the TEC unit.
JSW Metal declined to remark whereas Teck Sources didn’t instantly reply to a request for remark.
First revealed: November 14, 2023 | 11:17 pm he
(tags for translation) Glencore