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.
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