- Write by:
-
Wednesday, May 17, 2023 - 18:08:31
-
99 Visit
-
Print
Mining News Pro - Buying Teck Resources’ coal business as a standalone unit is a “distant second” for Glencore and Teck should not leave out the Swiss miner if it keeps pursuing its separation plan, boss Gary Nagle told the Bank of America conference in Barcelona on Tuesday.
Teck has rebuffed the Swiss miner and trader’s $22.5 billon offer to combine the two companies, instead pursuing plans to separate its copper and coal business.
But the Vancouver-based miner in April had to scrap its initial business separation proposal after failing to secure enough shareholder support, going back to the drawing board to rework what it said would be a “simpler and more direct” split.
Glencore’s plan would combine and spin off its thermal coal unit and Teck’s steelmaking coal business.
“Doing the full deal is the best offer for both sets of shareholders, it creates the most value – buying their coal business standalone is a distant second in terms of potential benefits,” Nagle said in a fireside chat at the conference, according to a Bank of America note.
“If that is the route they go down I think it would be remiss of Teck in terms of value for shareholders to not include us in that process,” Nagle said.
As part of its proposal, Glencore has offered up to $8.2 billion in cash to Teck shareholders who may not want exposure to thermal coal, the most polluting fossil fuel.
Speaking separately at the same conference, Teck CEO Jonathan Price repeated that separation “is the path to create the greatest value” for shareholders and said “we haven’t heard anything further from Glencore with respect to changes to (their) proposal”.
Glencore said it is willing to increase its offer.
Short Link:
https://www.miningnews.ir/En/News/622934

Mining News Pro - Canada and Japan on Thursday agreed to work more closely together to establishing sustainable and ...

Mining News Pro - Barrick Gold Corp.’s top executive says it’s not just Saudi Arabia interested in his company’s massive ...

Mining News Pro - With the recently approved acquisition of Newcrest Mining, Newmont will be well-positioned to set the ...

Mining News Pro - Norway’s second-largest listed oil and gas company, Aker BP, said it would consider applying for ...

Mining News Pro - The world’s biggest coal producer, state-owned Coal India Ltd., is facing a potential three-day strike ...

Mining News Pro - A top Indian minister held talks on boosting critical mineral mining cooperation with Canadian ...

Mining News Pro - More than a year after Canada first announced incentives to jumpstart clean technology projects there ...

Mining News Pro - Chile’s Codelco is ending long-term contracts to sell copper concentrate to Chinese clients from 2025, ...

Mining News Pro - Peter Marrone, former Yamana Gold Inc. executive chairman, is back at the helm of a Canadian ...
No comments have been posted yet ...