Glencore Wins Teck Coal Unit, Paving Way for Its Own Split

Glencore Plc will buy a majority stake in Teck Resources Ltd.’s coal business, ending a months-long saga that transfixed the mining industry and setting the stage for the commodity giant to exit the coal business itself.

The two companies have spent much of the year in a bitter public fight after Teck rejected an unsolicited $23 billion offer from Glencore, which proposed creating two new metals- and coal-focused companies. The Glencore offer, while unsuccessful, was enough to disrupt an earlier plan by Teck to spin off its coal business.