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Steel producer JSW Steel is considering a bid for a stake of up to 20% in Canada’s Teck Resources steelmaking coal business, Bloomberg News reported on Saturday, citing people with knowledge of the matter.
The Indian steelmaker is in discussions with banks over potential financing for the acquisition, which may total about $2 billion, the report said, adding that the discussions are at early stage and details such as price and timing could change.
JSW Steel and Teck Resources did not immediately respond to requests by Reuters for comment.
Previously, Japanese steel maker Nippon Steel and Swiss trading and mining firm Glencore had also shown interest in the Canadian miner’s coal unit. Nippon was interested in buying a stake and Glencore offered to buy the business as a standalone unit.
Teck last month said it had received several proposals for its coal business, as it reworks a plan to split it from its copper and zinc unit. The plan failed to secure enough shareholder support in late April.
Reuters reported in May that Canadian mining entrepreneur Pierre Lassonde was forming a consortium to buy a stake in Teck’s coal business.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First Published: Jul 15 2023 | 11:56 PM IST
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