Glencore , one of the world’s largest coal miners and traders, wants more coal—just not in its backyard. An emerging battle for fellow coal heavyweight Teck Resources ’ assets says a lot about the curious position the black stuff finds itself occupying in the postpandemic, post-Ukraine-invasion world.
Glencore is pursuing Teck Resources in a $23 billion deal that would create two new companies—one for Glencore and Teck’s merged base-metal and other assorted businesses, and another for their merged thermal, coking coal and ferroalloys businesses. The Swiss commodities giant’s initial proposal for an all-share deal, and a revised offer that sweetens the deal with $8.2 billion in cash as an alternative to shares in the combined coal company, were both rejected by the Canadian miner this month.
