The Globe and Mail reports in its Tuesday edition that Teck has agreed to sell its coal business to Swiss commodities trading giant Glencore and two Asian steelmakers in a $8.9-billion transaction that requires federal approval (all figures U.S.). The Globe's Niall McGee writes that Teck has been fielding offers for its metallurgical coal business since spring, when an earlier plan to spin it off was cancelled at the 11th hour because of insufficient shareholder support. Founded in 1913, Teck is one of the few large Canadian mining companies left in the country. According to the terms of the transaction, which were set to be unveiled Tuesday, Glencore has agreed to pay $6.9-billion for 77 per cent of Teck's coal business, known as Elk Valley Resources. Japan's Nippon Steel will pay $1.7-billion and swap its interest in one of Teck's coal operations for 20 per cent of the coal business. South Korea's Posco will swap its interests in two of Teck's coal operations for 3 per cent. The proposed sale price for the coal business is a bit less than some on Bay Street had thought the unit was worth. Jefferies analyst Christopher LaFemina said in a note to clients last month that the business had a value of at least $11-billion.