https://www.miningweekly.com
Business|Coal|LNG|Resources|Steel
Business|Coal|LNG|Resources|Steel
business|coal|lng|resources|steel

Canadian entrepreneur Lassonde plans to buy blocking stake in Teck's Elk Valley - Globe and Mail

11th April 2023

By: Reuters

  

Font size: - +

Canadian entrepreneur Pierre Lassonde is planning to buy a blocking stake in Elk Valley Resources, the steel-making coal unit to be spun off by Teck Resources, the Globe and Mail reported.

In an interview with the Canadian newspaper published on Friday, Lassonde expressed his interest in the soon-to-be divested unit of Teck, saying he wanted the company's assets to "remain Canadian".

Lassonde's comments came after Teck Resources rejected an unsolicited takeover offer of $22.5-billion from Glencore earlier this week, citing reluctance to expose its shareholders to thermal coal, oil, LNG and related sectors through the merger.

Lassonde would "love" to own up to 20% of Elk Valley, the report said, adding that he is planning to put together a group of investors who would buy up to C$300 million of the company's shares, giving them a 10%-20% stake.

Teck Resources could not be reached immediately for comment. There was no contact information for Lassonde immediately available.

Under terms of a deal offered previously by minority shareholder Nippon Steel, the Elk Valley unit will have an enterprise value of C$11.5-billion. Teck Resources in February said it will receive an 87.5% interest in gross revenue royalty from the steel-making coal business through the transition period.

Edited by Reuters

Comments

Showroom

M and J Mining
M and J Mining

M and J Mining are leading suppliers of physical support systems as used by the underground mining industry. Our selection of products are not...

VISIT SHOWROOM 
Yale Lifting Solutions
Yale Lifting Solutions

Yale Lifting Solutions is a leading supplier of lifting and material handling equipment in Southern Africa. Yale offers a wide range of quality...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Magazine round up | 03 May 2024
Magazine round up | 03 May 2024
3rd May 2024
Resources Watch
Resources Watch
2nd May 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.102 0.14s - 89pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: