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Top related persons:
Pierre Lassonde - 2 Glencore - 2 Teck - 1 Gary Nagle - 1 May - 1 Clara Denina - 1 Eva Mathews - 1 Dhanya Ann - 1
Top related locs:
Teck CoalCo Swiss China
Top related orgs:
Teck Resources - 2 Thomson - 2 Teck Metals - 1 Deutsche Bank - 1 Nippon Steel Corporation - 1 Refinitiv - 1 Nippon Steel - 1 Twitter - 1

Search resuls for: "Pierre Lassonde"


5 mentions found


☆ Glencore makes offer for Teck's steelmaking coal business
  + stars: | 2023-06-12 | by ( Clara Denina | ) www.reuters.com   time to read: +2 min
LONDON, June 12 (Reuters) - Glencore (GLEN.L) on Monday offered to buy Teck Resources' (TECKb.TO) steelmaking coal business as a standalone unit, after the Canadian miner twice rebuffed its $22.5 billon offer to combine the two companies. "It would provide Teck with a cleaner exit from coal and allow Glencore to split its own business into CoalCo and MetalsCo." Glencore's CEO Gary Nagle in May said buying Teck's coal business as a standalone unit was a "distant second" for the Swiss mining company, as it still pursues its merger plans. Teck's steelmaking coal mines are among few left in the world, making them attractive to Glencore, as global efforts to phase out coal-fired power generation gather momentum. As part of its original proposal, Glencore offered up to $8.2 billion in cash to Teck shareholders who may not want exposure to thermal coal.
Persons: Teck, Gary Nagle, May, Pierre Lassonde, Glencore, Clara Denina, Eva Mathews, Dhanya Ann, Kirsten Donovan, Barbara Lewis Organizations: Teck Resources, Teck Metals, Deutsche Bank, Nippon Steel Corporation, Thomson Locations: Teck, CoalCo, Swiss
☆ Glencore’s Teck coal approach sends two signals
  + stars: | 2023-06-12 | by ( ) www.reuters.com   time to read: +2 min
LONDON, June 12 (Reuters Breakingviews) - At first sight, the latest Teck Resources (TECKb.TO) chess move by Glencore (GLEN.L) is slightly confusing. While that approach still stands, Glencore on Monday said it has now also submitted a cash offer to buy only Teck’s coal unit. Teck’s coal arm is expected to make $2.9 billion of EBITDA in 2024, according to analysts’ estimate polled by Refinitiv, which on the 3 times multiple at which its steelmaking coal peers trade implies an $8.5 billion valuation. Yet Glencore is already offering cash for the coal arm in its punt for the whole company. One is to try to encourage Teck’s board to engage in discussions, given the coal arm has already received interest from Nippon Steel (5401.T) and billionaire Pierre Lassonde.
Persons: Glencore, Gary Nagle’s, Pierre Lassonde, Bunge, Nagle, Karen Kwok, Xavier Niel, George Hay, Oliver Taslic Organizations: Reuters, Teck Resources, Refinitiv, Nippon Steel, Twitter, Brookfield, Thomson Locations: China
☆ Exclusive: Glencore's Teck bid spurs call for Canada pensions to up equity stake
  + stars: | 2023-05-16 | by ( Divya Rajagopal | Thomson Reuters | Divya Rajagopal Reports On Canada Mining Sector | ) www.reuters.com   time to read: +4 min
The Canadian pension funds have benchmarked their investments to that level, according to the presentation. Australian pension funds have invested about 50% of their total assets in domestic equities, according to the presentation. China Investment Corp is Teck's single-biggest institutional investor with a 10.3% stake, and Norway's wealth fund, Norges Bank, owns 1.52%, while Canadian pensions together hold 0.78% stake, according to Refinitiv data. All other pension funds did not respond to Reuters request for comments. Canadian pension funds represent 30% of the total financial savings of Canadians.
☆ Canadian businessman offers to invest in Teck's coal unit to thwart Glencore's bid
  + stars: | 2023-05-09 | by ( Divya Rajagopal | Thomson Reuters | Divya Rajagopal Reports On Canada Mining Sector | ) www.reuters.com   time to read: +2 min
TORONTO, May 9 (Reuters) - Pierre Lassonde, a Canadian mining industry veteran, has made an offer to invest in Teck Resources Ltd's (TECKb.TO) coal business, in a bid to thwart Glencore Plc's (GLEN.L) hostile attempt to merge with Teck. Vancouver-based Teck has rebuffed Swiss mining company Glencore's $22.5 billon offer to combine the two companies and is instead pursing plans to separate its copper and coal business. Teck last month pulled its initial business separation plan at the last minute after failing to secure enough shareholder support. Glencore has offered a cash component for Teck's coal business worth C$8 billion ($5.98 billion). A source close to the matter said that an alternative offer for Teck's steelmaking coal business might push the Swiss conglomerate to finally make an improved offer.
☆ Canadian entrepreneur Lassonde plans to buy blocking stake in Teck's Elk Valley, Globe and Mail reports
  + stars: | 2023-04-08 | by ( ) www.reuters.com   time to read: +1 min
April 8 (Reuters) - 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 Ltd (TECKb.TO), 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." Teck Resources could not be reached immediately for comment. 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.
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