LONDON, UK: Glencore plc has entered into a binding agreement with Teck Resources Limited for the acquisition of a 77% effective interest in the entirety of Teck’s steelmaking coal business, Elk Valley Resources (EVR), for US$6.93 bn in cash, on a cash free debt free basis, subject to a normalised level of working capital. Concurrently,…
LONDON, UK: Glencore plc confirmed the submission of a proposal to the Board of Directors of Teck Resources Limited (Teck) to acquire Teck’s steelmaking coal business, known as EVR, in a cash deal. This alternative proposal, termed the “Proposed EVR Acquisition,” comes as Glencore explores options for its Proposed Merger Demerger with Teck. Glencore’s offer…
LONDON, UK: The board of Glencore Plc announced that Tony Hayward will retire as Chairman and Kalidas Madhavpeddi will be appointed as the new Chairman on 30 July. Tony Hayward was appointed to the Board at the time of the Company’s IPO in May 2011 and appointed as Chairman in 2013. Following consultation with the…
SAINT-PETERSBURG: The Agreement established the key commercial terms for the long-term supply in excess of 0.5 million tons of LNG per annum from the Arctic LNG 2 project. The LNG will be delivered to a number of locations in East Asia. “The market for LNG in the Asia Pacific region has fully recovered from the…
Glencore plc is a British multinational commodity trading and mining company with headquarters in Baar, Switzerland, and its registered office in Saint Helier, Jersey. The current company was created through a merger of Glencore with Xstrata on 2 May 2013. As of 2015, it ranked tenth in the Fortune Global 500 list of the world’s…