Teck says it obtained a number of proposals for steelmaking coal enterprise

Teck says it obtained a number of proposals for steelmaking coal enterprise

TORONTO, June 6 (Reuters) – Teck Sources (TECKb.TO) has obtained a number of indications of curiosity for its steelmaking coal enterprise, the Canadian miner stated on Tuesday, after withdrawing a plan to separate its copper and coal enterprise.

Teck stated in a press release its board will consider all “actionable, value-accretive proposals” earlier than making a call, noting {that a} transaction will not be assured.

It didn’t elaborate or reply to a request for remark.

Teck shares rose 1.7% to C$56.40 at mid-afternoon.

In late April, Teck withdrew the plan to separate its copper and coal enterprise after failing to safe sufficient shareholder help, and promised to craft a “less complicated and extra direct” break up.

Teck can be attempting to fend off a $22 billion takeover bid by Swiss dealer and miner Glencore Plc <GLEN.L>, which it had rejected twice. Glencore in April provided to pay $8.2 billion money to Teck’s shareholders for the coal enterprise.

Canadian mining entrepreneur Pierre Lassonde has put collectively a consortium to put money into Teck and the events have signed a confidentiality settlement, he stated by textual content to Reuters on Monday. “There are a lot of Canadians who’ve been extremely supportive of maintaining Elk Valley in Canadian arms.”

Japanese metal maker Nippon Metal Company (5401.T) has additionally stated it’s in talks with Teck to put money into the coal enterprise.

Reporting by Mrinalika Roy, Divya Rajagopal; Modifying by Devika Syamnath and Richard Chang

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Divya Rajagopal

Thomson Reuters

Divya Rajagopal experiences on Canada mining sector, the place she covers breaking information on essential minerals offers, takeovers and mergers within the mining sector and the way miners take care of local weather change and ESG imperatives. Divya beforehand labored as a monetary journalist with Financial Occasions and CNBC TV18 primarily based out of India. She holds a Masters in International Affairs from the College of Toronto and a Masters in Know-how and Social Change from Lund College, Sweden.