Glencore receives approval from Canada for Teck takeover
Published: Friday, Jul 5th 2024, 08:40
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Glencore has received the green light in Canada for the billion-euro takeover of the Teck coal business. However, Glencore also had to make numerous commitments to the Canadian government.
Following a comprehensive review, Canadian Industry Minister François-Philippe Champagne has decided to approve the takeover of Teck's coal business by Glencore "subject to strict conditions", as the responsible ministry announced on Thursday. Among other things, Glencore entered into numerous obligations to maintain branches and jobs as well as with regard to environmental protection.
The Swiss commodities group is paying around 6.9 billion US dollars for a 77 percent stake in Teck's coal business. Glencore expects the deal to close in the third quarter of 2024, according to earlier statements.
The deal was preceded by a long battle between Teck and Glencore. Originally, Glencore wanted to take over the company completely and then spin off the combined coal business. However, Teck successfully fought against these plans.
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