Teck Jumps on Buyback, Debt Plan After Coal Sale to Glencore
- Shares of the mining company rose the most since April
- Canada has approved Glencore deal for Teck’s coal business
The sale underscores Teck’s pivot toward metals that will be critical for the energy transition.
Photographer: Cole Burston/BloombergThis article is for subscribers only.
Shares of Teck Resources Ltd. jumped the most since April on the company’s plans to cut debt and return cash to shareholders thanks to proceeds from the sale of its steelmaking coal business to Glencore Plc.
The Canadian mining company said it will buy back as much as $2 billion of B class shares, and distribute roughly $182 million to shareholders through a special dividend in September. It will also start a debt reduction program of up to $2 billion, which includes a cash tender offer to repurchase $1.25 billion in public notes.