Teck says it received several proposals for steelmaking coal business (updated)

Lassonde Industries

06/06/2023 15:04

(Adds details from statement, offers from Lassonde and Nippon)
    By Divya Rajagopal
       TORONTO, June 6 (Reuters) - Teck Resources  TECKb.TO 
said on Tuesday it has received several indications of interest
for its steelmaking coal business, without giving further
details.
    The Canadian miner's statement comes a little over a month
after it withdrew an initial plan to separate its copper and
coal business that failed to secure enough shareholder support,
promising to come back with a "simpler and more direct" split.
        Teck is also trying to fend off a $22 billion takeover
bid by Swiss trader and miner Glencore Plc  GLEN.L , which it
rejected twice.
        On Tuesday, it said that its board will evaluate all
"actionable, value-accretive proposals" before making a
decision, adding however that there is no assurance on whether
these conversations will result into a transaction.
  
        Canadian mining entrepreuner Pierre Lassonde has put 
    together a consortium
     to invest in Teck. In a text message to Reuters yesterday,
Lassonde said that they have signed a confidentiality agreement
with Teck. "There are many Canadians who have been incredibly
supportive of keeping Elk Valley in Canadian hands," Lassonde
said to Reuters.
  
        Japanese steel maker Nippon Steel Corporation  5401.T 
has also said that they are engaged with Teck to invest in the
coal business. 

         
  
       
  

 (Reporting by Mrinalika Roy,Divya Rajagopal; Editing by Devika
Syamnath)
 ((mrinalika.roy@thomsonreuters.com;))