Live news: Canadian-led consortium plans bid for Teck’s coal operations in challenge to Glencore

A brand new consortium plans to bid for Teck Assets’ metallurgical coal operations, a transfer that might thwart Glencore’s $23bn provide to buy the whole firm.

Canadian mining investor Pierre Lassonde, chair emeritus of Franco-Nevada Corp., advised the Globe and Mail on Tuesday he had assembled a consortium to bid for Teck’s whole coal enterprise.

“We’ve had discussions with Teck, we’ve put ahead a plan, and we have now signed a [confidentiality agreement],” he advised the paper. “We’re ready to listen to from them as to which method they wish to proceed.”

Teck’s board, having repeatedly rejected Glencore’s hostile provide, was compelled to scrap its plans to separate the group right into a metals enterprise and a separate coal firm after failing to garner sufficient help from shareholders for the separation.

Lassonde didn’t instantly reply to remark.

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