Japan’s JFE Steel eyes stake in Teck’s coal business – sources
Japan’s JFE Steel Corp is in talks to buy a stake in the metallurgical coal business of Canada’s Teck Resources, two people aware of the development said, adding to the list of suitors that also includes miner Glencore.
Japan’s Nippon Steel has previously said it was looking to buy a 10% stake in Teck’s coal business for C$1.15 billion, valuing the overall business at about C$11.5 billion, with an option of increasing its stake to 17.5%.
Glencore has said it will consider buying the coal business for about $8.5 billion.
Earlier this month, Teck CEO Jonathan Price said the company had received multiple suggestions from investors on how to separate its coal and metals businesses and he was hoping to make a decision on the split by the end of this year.