Teck Resources nears deal to sell coal business to Glencore – WSJ

(Reuters) – Canadian miner Teck Resources is in advanced talks to sell its coal assets to Glencore, the Wall Street Journal reported on Monday.

The deal would value the business at close to $10 billion and could be announced as soon as this week, the report said, citing people familiar with the matter.

Glencore and Teck did not immediately respond to Reuters’ request for comment.

Teck has been considering splitting its coal and copper businesses since March. In April, it rebuffed a $22.5 billion unsolicited takeover offer for the entire company from Glencore.

Glencore previously said it would consider buying Teck’s coal business for about $8.5 billion.

Teck has received several proposals for its steelmaking coal business, called Elk Valley Resources (EVR). These include a revised offer from Glencore whose offer the Canadian miner has rejected twice.

(Reporting by Shubhendu Deshmukh in Bengaluru; Editing by Sonia Cheema)