Rio Tinto studies potential bid proposal for Teck, Sky reports
Rio Tinto Group is studying proposals for potential bids for companies including Teck Resources, Sky News reported citing sources it didn’t identify.
The company has drawn up a list of potential takeover targets in the wake of BHP Group’s failed bid for Anglo American and held discussions with bankers, the report said. It was unclear whether Rio would choose to make an offer for Teck, it said, also citing a person close to the company who said no bid was imminent.
Many in the industry expect a new wave of mergers and acquisitions in the mining sector in the wake of BHP’s bid, but mega deals between the world’s biggest firms are likely to attract stiff regulatory scrutiny, particularly as western governments increase their focus on supply chains for critical minerals like copper.
Last week, Canada said it would only approve foreign takeovers of its biggest miners in “in the most exceptional of circumstances.”
Teck this week closed the sale of its coal business to Glencore, leaving the company focused on mines producing copper and zinc. It is viewed in the industry as an attractive takeover target, but any deal would need the support of its controlling shareholder, Norman Keevil.
Glencore initially tried to buy the entire company last year, but was strongly rejected by both Teck and Keevil.
Spokespeople for Rio did not immediately respond to calls and emails seeking comment.
Comments
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Avlock International is a leading manufacturer and distributor of Specialized Fastening Systems.
VISIT SHOWROOM
ESAB South Arica, the leading supplier of high-end welding and cutting products to the Southern African industrial market is based in...
VISIT SHOWROOM
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
