Glencore offers to buy Teck’s coal business

Glencore has offered to buy the unit for cash, combine it with its own coal assets, and then create a separate company within a year or two after paying down debt. — Bloomberg

LONDON: Glencore Plc proposed buying Teck Resources Ltd’s coal business as an alternative to its US$23bil (RM106.2bil) takeover bid that the Canadian miner has repeatedly rejected, presenting the last twist in a fight that has transfixed the mining world for months.

Glencore has offered to buy the unit for cash, combine it with its own coal assets, and then create a separate company within a year or two after paying down debt.