On July 11, 2024, Teck Resources Limited completed the sale of its remaining 77 percent interest in the steelmaking coal business to Glencore plc. Teck received total cash proceeds of US$7.3 billion, subject to customary closing adjustments.
Teck is a leading Canadian resource company focused on responsibly providing metals essential to economic development and the energy transition.
Glencore is one of the world’s largest global diversified natural resource companies and a major producer and marketer of more than 60 commodities that advance everyday life.
Stikeman Elliott acted for Teck with a team that included Sean Vanderpol, Jonah Mann, Jeff Hershenfield, Christian Brands, Shawn Blundell, Tracey Thornton, Sarah Mackinnon, Navin Kissoon, Anthony Iafrate, Jamil Visram, Christopher Sullivan, Isaac Ameerally, Camille Sigouin and Aneesah Nawal (Corporate / M&A); Trevor Rowles and Denise Duifhuis (Corporate Counsel); Peter Hamilton, Daphne MacKenzie, Craig Mitchell, Andie Lipetz and Daniel Lupinacci (Banking); David Brown, Eliot Kolers, Marc-André Coulombe, Zev Smith and Hannah Kellett (Litigation); Michael Kilby, Kevin Ackhurst, David Feldman, Laura Rowe (Competition and Regulatory); John Lennard (Tax); Jonathan Auerbach (IP); Patrick Welsh (Environmental); Kristopher Noonan and David Price (Employment); Natasha vandenHoven, Amy Chao and Sagar Darar (Pension & Benefits).
Paul, Weiss, Rifkind, Wharton & Garrison LLP and Felesky Flynn LLP also represented Teck. Blake, Cassels & Graydon LLP and Sullivan & Cromwell LLP acted for the special committee.
McCarthy Tetrault acted for Glencore.