Teck Held Talks With Vale Metals Unit Before Anglo Deal
The Teck Resources Ltd. Quebrada Blanca copper mine facilities in the Tarapaca Region of northern Chile.
Source: Teck Resources Ltd.
Teck Resources Ltd. held on-and-off talks about a combination with Vale SA’s base metals unit before agreeing to merge with Anglo American Plc, according to people familiar with the matter.
Teck disclosed Monday that it had simultaneous discussions with an unidentified company — “Party X” — while negotiating with Anglo, according to materials sent to shareholders to support its $40 billion deal with the London-based mining giant. The unnamed suitor was Vale Base Metals, say the people, who asked not to be named due to discussing confidential information.