TECK.B:CC - Glencore's Teck Coal Acquisition Gets Conditional Green Light from Canadian Gov't

2024-07-08 16:00:00 ET

The Canadian government has greenlit Swiss mining giant Glencore's (LSE: GLEN ,OTC Pink:GLCNF) US$6.93 billion acquisition of Teck Resources' ( TSX : TECK.A ,TSX:TECK.B,NYSE:TECK) steelmaking coal unit, but with stringent conditions to ensure job preservation and national benefits.

Glencore will take over Teck's Elk Valley Resources, but must adhere to several conditions, outlined by Industry Minister Francois-Philippe Champagne.

"Today I approved under strict conditions a much narrower transaction whereby Glencore will acquire Teck Resources' metallurgical coal business," Champagne stated.

The company has agreed to Elk Valley Resources’ Canadian headquarters for at least a decade, ensure a majority of directors are Canadian and preserve significant employment levels at Elk Valley Resources for a minimum of five years.

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