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  5. GLCNF: Ottawa has approved GLENCORE/TECK deal. [Glencore plc]
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Q: Ottawa has approved GLENCORE/TECK deal. I believe they offer 62.50 however stock is above 70.

Can you please reconfirm the offer and the closing date

Thanks for the great service
Asked by Hector on July 05, 2024
5i Research Answer:

The deal is not a takeover of TECK, though this was initally the plan. The approved deal is the sale of TECK's coal business, for $9.5B, which will now close July 11. TECK plans to utilize the proceeds to initiate a $2B share buyback and invest in its copper segment, and pay down debt. TECK shares will still trade. We see it as a good deal for the company. 

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