2023-06-11 16:25:20 ET
Glencore ( OTCPK:GLCNF ) ( OTCPK:GLNCY ) has approached Teck Resources ( NYSE: TECK ) over buying its coal assets, providing an alternative to Glencore's original proposal for a full-blown merger of the two companies, The Wall Street Journal reported Sunday.
Glencore's ( OTCPK:GLCNF ) ( OTCPK:GLNCY ) original merger offer reportedly is still on the table, but the miner has indicated to Teck ( TECK ) that it would also be willing to buy just the coal business if that is the only asset up for sale.
Glencore ( OTCPK:GLCNF ) ( OTCPK:GLNCY ) has said it could revise its ~$23B bid for the whole company if Teck ( TECK ) would engage on a potential transaction, but so far it has rejected that proposal and is not talking with Glencore about the bigger merger or about the coal business, according to the report.
Teck ( TECK ) said last week it had received a number of inquiries about potential deals for its coal business, which Glencore ( OTCPK:GLCNF ) ( OTCPK:GLNCY ) has valued at $8.2B.
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For further details see:
Glencore approaches Teck Resources over deal for coal business - WSJ