(Vancouver) The Swiss company Glencore has made an offer to buy the steelmaking coal business of Teck Resources.
The company says it would pay for the assets in cash, but has not publicly specified the amount of the offer.
Glencore says it remains willing to pursue its bid for all of Teck, but has made another bid for the coal business which it would combine with its own thermal coal assets.
Teck, which rejected Glencore’s previous bid for the whole business, says it is considering the latest proposal along with a number of other potential deals for its steelmaking coal business.
The Vancouver-based mining company is working to separate its coal assets from its base metals business.
Teck overturned a shareholder vote in April on its plan to spin off its steelmaking coal business into a separate company after it became clear it lacked the necessary support for the proposal and instead said that it would pursue another, more streamlined split.
Company in this story: (TSX: TECK.B)