18:02:06 EDT Sun 19 May 2024
Enter Symbol
or Name
USA
CA



Teck Resources Ltd
Symbol TECK
Shares Issued 512,241,491
Close 2023-11-16 C$ 48.58
Market Cap C$ 24,884,691,633
Recent Sedar Documents

Globe says feds clear a path for Teck's coal unit sale

2023-11-17 08:11 ET - In the News

The Globe and Mail reports in its Friday edition that the federal government is giving Glencore PLC a clear path to acquiring Canada's largest coal miner from Teck, while making it clear Ottawa will block any foreign player bidding for all of Teck itself. The Globe's Andrew Willis writes that although federal officials previously signed off on acquisitions of major metals producers -- so long Inco, farewell Alcan -- the current government signalled a more protectionist, nationalist approach this week during a news conference at a condo construction site in Toronto. Asked for the government's view on the Glencore bid, Finance Minister Chrystia Freeland moved seamlessly from housing to rhyming off a list of conditions the Swiss resource conglomerate must meet to win approval for its $6.93-billion (U.S.) bid for a 77-per-cent share of Elk Valley Resources, Teck's B.C. steelmaking coal unit. Glencore needs to tick boxes on job guarantees; the potential owner needs to honour indigenous rights, protect the environment and maintain a B.C. head office. There was no sense the feds have strategic concerns around a foreign company owning coal mines that churn out gobs of cash; Elk Valley generated a $6-billion profit last year.

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