JSW Steel considers 75% interest in Teck’s coal business ‘Elk Valley’
(Reuters) – India’s JSW Steel Ltd is considering picking up a 75% interest in Teck Resources’ steelmaking coal business Elk Valley Resources, according to a Bloomberg report.
Bloomberg had reported in July that the Mumbai-based company was interested in up to 20% of Teck’s coal business.
The potential deal could value the business at $8 billion, said Bloomberg, rivaling an earlier bid by Swiss commodities giant Glencore.
Glencore earlier this year offered to buy Teck’s steelmaking coal business as a standalone unit, after the Canadian miner twice rebuffed its $22.5 billon offer to combine the two companies.
