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JSW eyeing Canadian miner Teck’s coal unit: report
Indian steelmaker is looking to buy a 75% stake in Elk Valley Resources
JSW Steel Ltd is looking to buy a 75% stake in Canadian miner Teck Resources’ steelmaking coal business Elk Valley Resources, Bloomberg reported.
The deal could value Teck’s coal business at more than $8 billion, rivaling a bid by Swiss commodities giant Glencore, the report said.
In April, Glencore made its first unsolicited bid to acquire Teck’s entire operations, but the miner turned down the offer.
In June, Glencore again offered to acquire Teck’s steelmaking coal vertical, including the metal mines in North America, but the offer was rejected.
In July, Teck chief executive officer Jonathan Price said the company is considering a range of proposals, including a partial sale of its coal business, from various interested parties but did not name the entities.
A spokesperson for Teck said the company does not comment on market rumors or speculation, and directed to earlier reports confirming Teck’s engagement with “various counterparties regarding the steelmaking coal business.”
JSW did not respond to requests for comment.
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