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.
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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