Glencore approaches Teck Resources over deal for coal business - WSJ

Glencore (OTCPK:GLCNF) (OTCPK:GLNCY) has approached Teck Resources (NYSE:TECK) over buying its coal assets, providing an alternative to Glencore's original proposal for a full-blown merger of the two companies, The Wall Street Journal reported Sunday.

Glencore's (OTCPK:GLCNF) (OTCPK:GLNCY) original merger offer reportedly is still on the table, but the miner has indicated to Teck (TECK) that it would also be willing to buy just the coal business if that is the only asset up for sale.

Glencore (OTCPK:GLCNF) (OTCPK:GLNCY) has said it could revise its ~$23B bid for the whole company if Teck (TECK) would engage on a potential transaction, but so far it has rejected that proposal and is not talking with Glencore about the bigger merger or about the coal business, according to the report.

Teck (TECK) said last week it had received a number of inquiries about potential deals for its coal business, which Glencore (OTCPK:GLCNF) (OTCPK:GLNCY) has valued at $8.2B.

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