TECK - Glencore Postpones Coal Spinoff Discussions Until Teck Deal Closes | Benzinga
At Glencore‘s (OTCPK: GLCNF) plans to consult with shareholders on the future of its coal business following the anticipated closure of its deal to acquire Teck Resources (NYSE:TECK) steelmaking coal assets.
Glencore CEO Gary Nagle said at the annual general meeting held on May 29 that the consultation will determine whether the company will proceed with its previously announced plans to spin off the coal unit into a separate entity.
The acquisition involves Glencore purchasing a 77% interest in Teck’s steelmaking coal business, Elk Valley Resources, for $6.93 billion.
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This deal, structured on a cash-free, ...