India’s JSW Steel said to mull bid for stake in Teck coal unit
JSW Steel, India’s largest producer, is considering a bid for as much as a 20% stake in Teck Resources' steelmaking coal business, people with knowledge of the matter said.
JSW has expressed preliminary interest, said the people, who asked not to be named because the information is confidential. Mumbai-based JSW also is in discussions with banks over potential financing for the acquisition, which may total about $2-billion, they said.
Deliberations are at an early stage, and details such as price and timing could change, the people said.
JSW didn’t immediately respond to queries sent outside normal business hours. Teck declined to comment.
The Vancouver-based miner had planned to carve out its coal business but was forced back to the drawing board after canceling a shareholder vote on a spinoff in late April because of a lack of support.
Rival Glencore subsequently proposed buying the unit for cash. Teck confirmed it was engaging with Glencore on the preliminary, nonbinding proposal, among others.
Those talks come after Teck rejected Glencore’s unsolicited $23-billion takeover bid. The commodity giant has said its offer remains on the table.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation