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JSW Steel Weighs Bid For Majority Stake in Teck Coal Unit
August 18, 2023
JSW Steel Ltd. is looking to bid for a majority stake in Elk Valley Resources Ltd., the coal unit of Teck Resources Ltd. JSW is looking to acquire 75% stake in the entity, potentially rivalling the $8bn offer from Glencore Plc. According to sources, deliberations are ongoing and there is no certainty that an agreement will be reached. This comes after JSW had indicated an interest in July to acquire 20% of Teck’s coal business, as per Bloomberg. Earlier this month, Glencore underlined its continued interest in a deal with Teck by holding back $2bn for a potential purchase of the Canadian miner’s coal business.
Bonds of JSW Steel were flat with its 5.95% 2024s trading at 99.1 cents to the dollar, yielding 7.37%.
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