Canada Gives Glencore Conditional Approval to Take Over Teck Coal Unit
Last week, the government of Canada approved the acquisition of a steelmaking coal business by Glencore from Teck Resources, albeit with strict regulations to preserve jobs. This approval comes after a consortium led by Glencore entered into one of the biggest deals in the mining sector to acquire the steelmaking coal unit for $9 billion in November 2023. Prior to sealing the deal, Glencore had offered to pay $8.2 billion for this unit. Jonathan Price, CEO of Teck Resources, stated that company management had spent time engaging with different counterparts and were focused on taking time to deliver the best…