BRUSSELS (dpa-AFX) - Glencore Plc (GLCNF.PK), a commodity trading and mining company, Monday confirmed that it has submitted a fresh proposal to acquire the steelmaking coal business (EVR) of Teck Resources Limited for cash.
In March Glencore had proposed to merge with Tech and also demerge their combined metals and coal businesses.
However, following a preference of certain Teck investors to full coal exit and others' desire not to have thermal coal exposure, Glencore proposed to buy Teck shareholders out of their coal exposure such that Teck shareholders would receive 24% of MetalsCo and US$8.2 billion in cash.
'While Glencore remains willing to pursue its Proposed Merger Demerger, Glencore has made this alternative proposal to acquire EVR as it is expected to allow for a value accretive demerger of the combined coal and carbon steel materials business to its shareholders,' Glencore said in a statement.
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