Glencore has agreed to buy a majority stake in Teck Resources’s coal business for $US6.93 billion ($10.9 billion), ending a months-long saga and setting the stage for the commodity giant to spin off its own coal unit.
Glencore will own 77 per cent, and steelmakers Nippon Steel Corp and Posco will hold the remainder of the business, the companies said. The deal implies an enterprise value of $US9 billion for Teck’s coal business.
