Canada Approves Glencore-Led Deal for Teck Coal Assets
By Paul Vieira
OTTAWA--Canada approved late Thursday a Glencore-led $9 billion deal to acquire coal assets from Teck Resources, after officials secured commitments from both companies about additional investment in the country.
Furthermore, Canada's industry minister, François-Philippe Champagne, said pending approvals of foreign-led deals involving critical minerals would only be granted in "the most exceptional of circumstances."
Glencore unveiled last November its proposed purchase of Teck Resources' coal assets. As structured, Switzerland-based Glencore would acquire a 77% stake in Teck's coal operations, which valued the assets at $9 billion.
Write to Paul Vieira at paul.vieira@wsj.com
(END) Dow Jones Newswires
July 04, 2024 22:41 ET (02:41 GMT)
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