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What will be Teck Resources' primary use of funds from the $9 billion acquisition by the end of 2024?
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Resolution / Starting Odds
Debt reduction • 25%
Share buyback • 25%
Copper business investment • 25%
Other • 25%
Teck Resources official financial reports and press releases
Story
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.
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