Canada will seek to ensure job protection and uphold environmental standards in reviewing a Glencore Plc-led acquisition of Teck Resources Ltd.’s coal business, said Canadian Finance Minister Chrystia Freeland.
In the deal announced Tuesday, Swiss commodities trader Glencore will pay $6.93 billion for a 77% stake in Teck’s coal business, while steelmakers Nippon Steel Corp. and Posco — which currently own minority stakes in Teck coal mines — will hold the rest. Freeland said during a press conference in Toronto that she spoke with Teck Chief Executive Officer Jonathan Price about the deal, which she called “a serious transaction.”
The federal government will “carefully” follow Canada’s regulatory process in reviewing the takeover, Freeland said. “Our priorities will be, as they always are, protecting Canadian jobs, and protecting Canadian headquarters. Of course, environmental issues are very, very important for us, as are the rights of indigenous people.”
Freeland said the federal government will also consult with British Columbia’s provincial government during the regulatory review.
