Swiss company Glencore says it has made an offer to buy the steelmaking coal business of Teck Resources Ltd.
The company says it would pay cash for the assets, but did not say how much publicly.
Glencore says it remains willing to pursue its offer for all of Teck, but that it has made an alternative offer for the coal operations that it would combine with its own thermal coal assets.
Teck, which rejected Glencore’s earlier offer for the entire company, says it’s reviewing the latest proposal along with a number of other potential transactions involving its steelmaking coal business.
The Vancouver-based mining company is working to split its coal assets from its base metal operations.
Teck called off a shareholder vote in April on its plan to spin off its steelmaking coal operations into a separate company after it became apparent it did not have the required support for the proposal and instead said it would pursue an alternative, more simplified split.
