Canada Approves Glencore's $9 Billion Acquisition of Teck's Coal Business with Stringent Conditions

Jul 5, 2024, 02:37 AM

Canada's federal government has approved Glencore Plc's $9-billion acquisition of Teck Resources Ltd.'s metallurgical coal business. The deal, which was finalized late Thursday, includes stringent conditions and commitments from both companies for additional investment in Canada. Teck Resources plans a $2 billion share buyback and increased investment in its copper business as part of the agreement. Shares of Teck Resources saw a significant rise following the announcement, reflecting investor optimism about the company's plans to cut debt and return cash to shareholders. The Minister also raised the bar for future critical minerals transactions.