By Adriano Marchese

Teck Resources Ltd. said Tuesday that it will review Glencore PLC's revised unsolicited offer to effectively buy out shareholders of their coal exposure, but noted that the new offer isn't much different.

Earlier on Tuesday, Glencore, a London-listed Anglo-Swiss commodity mining and trading company, said its new offer would see Teck shareholders receive 24% of MetalsCo and $8.2 billion in cash.

Teck Resources said that the revised proposal offers a cash consideration in lieu of shares in the proposed combined coal entity, but that it appears to be largely unchanged.

Last week, Glencore came to Teck with a proposal to merge the two businesses in an all-share deal, with a simultaneous demerger of their combined coal business.

At the time Glencore said the deal would unlock $4.25 billion to $5.25 billion of estimated post-tax synergy value and would give its shareholders 76% of the merged company.

Teck said that it will "carefully and expeditiously" review and evaluate the new proposal with its financial and legal advisers, consistent with its fiduciary duties.

Write to Adriano Marchese at adriano.marchese@wsj.com

(END) Dow Jones Newswires

April 11, 2023 11:04 ET (15:04 GMT)

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