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Glencore confirms bid for Teck’s coal division

Swiss-based Glencore confirms it has made an offer for Teck’s Elk Valley coal division.

In a statement on its website, it says the deal would be for cash, but didn’t say how much.

Teck previously turned down two unsolicited offers from Glencore to acquire its entire business and postponed a shareholder vote on splitting its metals and coal divisions into separate companies.

Last week Teck said it had received interest from an unspecified number of other parties, but didn’t identify them and gave no other specifics.

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Glencore said it remains willing to buy the entire company but is offering the alternative proposal.

“Glencore is fully committed to ensuring that the proposed acquisition would benefit Canada,” it said in the statement.

Teck has about 4,000 employees in the East Kootenay and another 1,500 in Trail, making it the largest employer in the Kootenays.

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