Glencore PLC (LSE:GLEN) has made an alternative pitch to win over Teck Resources, offering to buy its steelmaking coal business.
The FTSE 100-listed miner, which has already expressed an interest in buying the whole of Teck, said under the new plan it would buy Teck’s steelmaking coal business and then demerge the business unit together with its own energy coal assets 1-2 years after the deal closed.
Glencore said it was committed that any deal would “benefit Canada”.
Glencore said that it remained “willing to pursue” its offer to buy the whole of Teck after first making an unsolicited US$23bn offer for the Canadian group in April.
Its attempts have been rebuffed so far. Teck instead has wanted to pursue its own separation plans, though last month it pulled a shareholder vote on them, after receiving investor feedback.
Glencore's coal exposure has been seen as a problem for some Teck investors. In April, Glencore then added a cash portion to its takeover bid, in an effort to get a deal over the line while at the same time aiming to ease investor concerns about coal.