# Glencore to acquire 77% of Teck's steelmaking coal business for $6.93bn

Glencore entered a binding agreement to acquire a 77% effective interest in Teck's steelmaking coal business, Elk Valley Resources, for $6.93 billion in cash. Nippon Steel will hold a 20% equity interest and POSCO a 3% interest in EVR. The transaction is expected to close in Q3 2024.

- Type: Acquisition
- Announced: 2023-11-14
- Where: Elk Valley, British Columbia, Canada
- Value: $6.93B
- Status: announced
- Products: steelmaking coal
- Sectors: [Steel and Metal Products](https://endata.com/sectors/steel-metal-products.md)

## Companies

- [Nippon Steel](https://endata.com/companies/7455.md) (investor)
- [POSCO](https://endata.com/companies/8856.md) (investor)
- [Teck Resources](https://endata.com/companies/12522.md) (target)
- [Glencore](https://endata.com/companies/22952.md) (acquirer)

## Sources

- [glencore.com](https://www.glencore.com/media-and-insights/news/acquisition-of-a-77-percent-interest-in-tecks-steelmaking-coal-business-for-USd6-93-bn), 2023-11-14: "Glencore plc announces that it has entered into a binding agreement with Teck Resources Limited, for the acquisition of a 77% effective interest in the entirety of Teck’s steelmaking coal business, Elk Valley Resources, for US$6.93 bn in cash"

---
Data from Endata (https://endata.com/). Announcements are summarized from public sources and may be incomplete; check the linked originals.