Glencore Plc underlined its continued interest in a deal with Teck Resources Ltd. by holding back US$2 billion for a potential purchase of the Canadian miner’s coal business — cash it would otherwise have returned to shareholders.
Glencore disclosed the new deals war chest in its first-half results Tuesday, as it joined rival miners in reporting a steep drop in profits after a retreat in commodity prices combined with a return to more normal trading conditions, following 2022’s wild swings.
Glencore also has been busy with smaller deals beyond Teck, announcing deals to add aluminum and copper assets as well as secure lithium offtake for its trading business. “We have a terrific coal business, a world-class business steam coal business, and spinning it out by itself, our shareholders at this stage don’t want us to do that,” Nagle said. “They do see, that if we combine it with Teck’s met coal business we have an even bigger and even better coal business. They see that as something that is value accretive to them and are supportive of a spinout.”
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