Swiss commodities giant Glencore will acquire a majority stake in the steelmaking coal business of Canadian miner Teck Resources, the companies said on Tuesday, capping fraught negotiations between the groups.
Glencore said it would take a 77 per cent effective interest in Elk Valley Resources for $6.93 billion US in cash.
Japan's Nippon Steel Corporation will acquire a 20 per cent minority stake in Elk Valley, while South Korea's POSCO will grab three percent.
Vancouver-based Teck Resources put the value of its steelmaking coal business at $9.0 billion.
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