Glencore has made a proposal to buy Teck Resources’ coal business, marking the latest twist in one of the mining industry’s biggest takeover battles in a decade.
Glencore has already expressed an interest in buying the whole of Teck. Under the fresh proposal, Glencore would buy Teck’s steelmaking coal business and then demerge the business unit together with its own energy coal assets one to two years after the deal closes.
Glencore said it remained “willing to pursue” its offer to buy the whole of Teck — including its North American industrial metal mines — and split into two separate businesses after first making an unsolicited $23bn offer for the Canadian group in April.
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