India's JSW Steel Considers 75% Interest in Teck's Coal Business
Steel News | 2023-08-18 12:05:06
The potential deal could value the business at $8 billion, said Bloomberg, rivaling an earlier bid by Swiss commodities giant Glencore GLEN.L.
By Paul Ploumis
SEATTLE (Scrap Monster): India's JSW Steel Ltd JSTL.NS is considering picking up a 75% interest in Teck Resources' TECKb.TO steelmaking coal business Elk Valley Resources, according to a Bloomberg report.
Bloomberg had reported in July that the Mumbai-based company was interested in up to 20% of Teck’s coal business.
The potential deal could value the business at $8 billion, said Bloomberg, rivaling an earlier bid by Swiss commodities giant Glencore GLEN.L.
Glencore earlier this year offered to buy Teck's steelmaking coal business as a standalone unit, after the Canadian miner twice rebuffed its $22.5 billon offer to combine the two companies.
In July, Teck CEO Jonathan Price said the Canadian miner is considering a range of proposals including a partial sale of its coal business from various interested parties.
JSW declined to comment, while Teck Resources did not immediately respond to Reuters' request for comment.
Courtesy: www.nasdaq.com
