Commodities giant Glencore is taking control of Canadian Teck’s steelmaking coal business.
The Zug-based group will pay $6.93 billion (CHF6.2 billion) in cash to buy a 77% stake in the Elk Valley Resources (EVR) division.
EVR produced 21.5 million tonnes of steelmaking coal and posted pre-tax profits of C$6.0 billion in 2022, Glencore detailed in a press release on Tuesday.
The transaction is not expected to result in any headcount reductions in Canada, while EVR will step up its capital expenditure and research in this North American country.
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