Glencore PLC (LSE:GLEN) is facing competition in its attempts to merge with Canada’s Teck Resources with a rival bidder set to emerge for the Canadian firm’s coal arm, according to Bloomberg.
Mumbai-based JSW Steel is talking to partners to put together an offer for 75% of Teck's coal arm that will value the business at US$8 billion.
Glencore has been consistently rebuffed by Teck’s management and also major shareholder the Keevil family.
Teck had already tabled a scheme to see its coal division split off when Glencore made its initial approach.
The Switzerland-based group then tweaked its offer to include a US$8.2 billion cash element, a 24% stake in the merged metals businesses and a holding in the merged coal businesses of both companies.