Teck Resources sells coal business
Wall Street Breakfast
Seeking Alpha
4.1 • 1K Ratings
🗓️ 14 November 2023
⏱️ 7 minutes
🧾️ Download transcript
Summary
Episode transcripts seekingalpha.com/wsb.
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Transcript
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| 0:00.0 | Welcome to Seeking Alpha's Wall Street breakfast, where we cover the top news for investors every morning. |
| 0:07.0 | Good morning. Today is Tuesday, November 14th. I'm Julie Morgan. |
| 0:12.0 | Tech Resources is selling its coal business. |
| 0:15.0 | Bayer is pulling a lymphoma drug and Boeing is expanding a factory in Alabama. |
| 0:21.0 | Tech Resources is selling its cold business at an implied enterprise value of $9 billion. |
| 0:27.7 | Glencore announced that it is acquiring 77% of the business for $6.9 billion in cash. |
| 0:35.0 | In addition, Tech has also entered into an agreement with Nippon Steel Corporation |
| 0:39.8 | for a 20% stake in Pasco for the remaining 3%. The deal is subject to regulatory |
| 0:45.8 | approval in Canada. The transaction is expected to close in Q3 of 2024. The |
| 0:51.8 | Wall Street Journal reported on Monday citing people familiar with |
| 0:55.4 | the matter that the deal could be announced as soon as this week. |
| 0:59.0 | Tech has been weighing a potential sale of the coal business as part of a comprehensive business review as it tried |
| 1:05.3 | to fend off a $23 billion takeover offer from Glencore earlier this year. |
| 1:11.3 | Tech CEO Jonathan Price said last month that the company had received multiple |
| 1:15.9 | suggestions from investors on how to separate its coal and metals businesses, and he was |
| 1:21.9 | hoping to make a decision on the split by year end. |
| 1:25.4 | Tech Resources confirmed back in June that Glencore had approached the company about |
| 1:30.0 | buying its coal assets, providing an alternative to Glencour's original proposal for a full-blown merger of the two companies. |
| 1:39.0 | Bear is reportedly withdrawing its lymphoma drug alicopa from the US market due to a confirmatory study |
| 1:46.2 | failing to show the drug provided a progression-free survival benefit over standard |
| 1:51.6 | immunotherapy. |
| 1:53.4 | The drug received accelerated approval from the FDA in 2017 for the treatment of |
... |
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