Shares of Canadian mining company Teck Resources (NYSE:TECK) are in focus today after it confirmed a proposal from Glencore for the steelmaking coal business.
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Teck is engaging with multiple parties over unsolicited indications of interest. The interests pose different types of potential transactions for the company’s steelmaking coal unit. Glencore’s proposal is non-binding and preliminary in detail.
Meanwhile, Teck plans to engage with all interested parties with the goal of maximizing shareholder value. At the same time, Glencore’s earlier $23 billion offer too remains on the table for Teck. The latter’s plan to split its coal business had failed to win voting in April.
Overall, the Street has a $52.72 consensus price target on Teck alongside a Strong Buy consensus rating. Shares of the company have gained nearly 17.3% so far this year.
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