Proposal for a merger between Glencore and Teck and simultaneous demerger of combined coal business
Proposal for a merger between Glencore and Teck and simultaneous demerger of combined coal business (Credits: Glencore)
- The proposed transaction would create two standalone companies with substantially larger and more diversified portfolios of assets than those of the proposed Teck Metals and Elk Valley Resources
- MetalsCo to be a world-class standalone base metals business with a diversified portfolio and a leading position in the critical minerals required for the energy transition
- CoalCo to be a highly cash-generative standalone coal and carbon steel materials business; unlike Elk Valley Resources, CoalCo would have no ongoing financial obligations to MetalsCo
- Combination exchange ratio of 7.78 Glencore shares per Teck B share, which represents a valuation premium of 22% based on Glencore’s and Teck B’s undisturbed last close prices as of 31 March 2023, being the last close prior to the proposal becoming public and 20% based on Glencore’s and Teck B’s last close prices as of 24 March 2023, being the last close before the date of the proposal to Teck
- Glencore and Teck shareholders would own approximately 76% and 24% of the merged entities, respectively
- US$4.25 – 5.25 billion of estimated post-tax synergy value
- Glencore and Teck shareholders would be well positioned to participate in valuation re-rating over time
- MetalsCo Industrial Head Office to be located in Canada, managing approximately 3x Teck’s current metals production. Full commitment to continue Teck’s legacy in, and deliver real benefits to, Canada.
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