Reply to Teck – Glencore has proposed a merger and demerger with Teck that includes a cash element to please shareholders who do not want to hold dirty assets such as thermal coal. Under the proposal, Teck shareholders would receive a 24% stake in “MetalsCo” and $8.2 billion in cash. Glencore is also offering a combination of cash and “CoalCo” shares for investors who have no issues with fossil fuel investments. The proposal would create two separate companies with separate balance sheets.
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