Coal Is Too Hot to Handle—Maybe Even for Glencore

Glencore , one of the world’s largest coal miners and traders, wants more coal—just not in its backyard. An emerging battle for fellow coal heavyweight Teck Resources ’ assets says a lot about the curious position the black stuff finds itself occupying in the postpandemic, post-Ukraine-invasion world.

Glencore is pursuing Teck Resources in a $23 billion deal that would create two new companies—one for Glencore and Teck’s merged base-metal and other assorted businesses, and another for their merged thermal, coking coal and ferroalloys businesses. The Swiss commodities giant’s initial proposal for an all-share deal, and a revised offer that sweetens the deal with $8.2 billion in cash as an alternative to shares in the combined coal company, were both rejected by the Canadian miner this month. 



Read original article here

Denial of responsibility! WebToday is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials, please contact us by email – [email protected]. The content will be deleted within 24 hours.

Leave a comment