0935 GMT - Glencore is among the most mentioned companies across news items over the past 12 hours, according to Factiva data after the company confirmed its bid for coal unit of Canadian miner Teck Resources. The Anglo-Swiss mining giant said the approach presents Teck an alternative to Glencore's previous merger offer of $23 billion, which is still on the table. The alternative approach--a non-disclosed cash-consideration--would allow for a demerger of the two companies' combined coal and carbon steel materials business Coalco. The move suggests that Glencore wants to quarantine the rest of its assets from coal, AJ Bell analyst Russ Mould wrote in a research note. "There's a merry-go-round of coal assets in the industry as companies don't want to be left holding what is seen as a dirty fuel," Mould said. In April, Glencore valued Teck's coal unit at $8.2 billion. In its statement Monday, the company said the potential spin-off would take up to two years after transaction close. Dow Jones & Co. owns Factiva. (christian.moess@wsj.com)

(END) Dow Jones Newswires

June 12, 2023 05:52 ET (09:52 GMT)

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