Glencore makes offer for Teck’s steelmaking coal business

LONDON (Reuters) – Glencore on Monday offered to buy Teck Resources’ steelmaking coal business as a standalone unit, after its $22.5 billon offer to combine the two companies was twice rebuffed by the Canadian miner.

Teck Resources said on June 6 it had received several proposals for its steelmaking coal business.

Glencore, which mines and trades thermal coal, the fossil fuel used to produce electricity, said it would demerge the coal units of both companies.

Boss Gary Nagle in May said that buying Teck’s coal business as a standalone unit was a “distant second” for the Swiss mining company, as it still pursues its merger plans.

(Reporting by by Clara Denina and Eva Mathews; Editing by Dhanya Ann Thoppil, Kirsten Donovan)