By Carolyn King
Teck Resources Ltd. said Monday that it isn't in talks with
Chile's Antofagasta PLC regarding a possible merger of the two
miners.
Teck made the statement at the request of Canadian regulators on
behalf of the Toronto Stock Exchange, where its stock closed up 11%
on Monday. However, in after-hours trading shares had lost more
than 7%.
The Canadian company's comments followed a report from Bloomberg
that it and Antofagasta had held early-stage talks about a deal
that would create one of the world's largest copper producers.
Teck said it "is not in discussions with Antofagasta in relation
to any form of transaction, and there are no other corporate
developments that justify any significant movement in its share
price."
Teck is a major producer of steelmaking coal and copper,
produces zinc and also has development projects in Canada's oil
sands. Its market cap exceeds 11 billion Canadian dollars ($8.7
billion).
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