Glencore, a Swiss commodities giant, has acquired a majority stake in Canada's Teck Resources' thermal coal unit for $6.93 billion. This move comes after Glencore's takeover offer for all of Teck was rejected. The sale of Teck's Elk Valley Resources steelmaking coal subsidiary to Glencore is valued at $9 billion. Glencore plans to unleash a new coal giant on the New York market, aiming to make more profit than the current top 10 US listed coal miners combined. The company, valued at $70 billion, is betting big on growth, particularly in copper, as part of its 2040 outlook.
Glencore is the 3rd largest mining company and valued at $70 billion. They are betting BIG on growth. Given their 2040 outlook, particularly for copper, hard to fault their investment strategy. Here's what they see ahead and what we can all learn:
Glencore plans to unleash a new coal giant on the New York market that would make more profit than the current top 10 US listed coal miners combined https://t.co/x88eC1fOBy
Canada's Lassonde 'mystified' by Teck choice of Glencore bid for coal unit https://t.co/YZINN7I96S https://t.co/Qlz0V3ruQ3
What can shareholders expect from Teck's sale of its Elk Valley Resources steelmaking coal subsidiary to Glencore? I spoke to @BNNBloomberg about what comes next https://t.co/8nABJGkSok
Teck's sale of its Elk Valley Resources steelmaking coal subsidiary to Glencore at a $9 billion valuation is a "second place trophy" for shareholders compared to an en bloc sale with the associated premium I spoke with @BNNBloomberg about the deal: https://t.co/8nABJGkSok
Glencore consortium seals $9bn deal for Teckβs coal business https://t.co/hP0tTTdxwl
Swiss commodities giant Glencore has agreed to buy a majority stake in the thermal coal unit of Canada's Teck Resources for $6.93 billion, months after its takeover offer for all of Teck was rejected. https://t.co/1uQjWY3Nad
Teck Sells Off Coal Unit, With Glencore Taking Majority Stake For US$6.9 Billion $TECK #coal #mining #Glencore https://t.co/OP4H3FwiXM via @TheDeepDive_ca
Glencore minted a generation of billionaires β in large part β by trading coal. Now it's getting ready to get out https://t.co/ytidRMHE9U
Glencore minted a generation of billionaires β in large part β by trading coal. Now it's getting ready to get out https://t.co/Th5rIU7QBh