Pierre Lassonde-led group proposes buying Teck’s coal businessto buy the coal operations of Teck Resources, a deal that could stop Glencore from succeeding in its hostile takeover bid and offer a made-in-Canada solution that may be palatable to Ottawa.
Lassonde is co-founder and chair emeritus of Franco-Nevada, and one of the country’s chief critics against the incursion of foreign mining companies into Canada over the past two decades.Teck in a stock and cash deal worth about US$22.5-billion. After Teck’s alternative proposal of splitting its interests into two companies failed, Glencore said it remained interested.
Ottawa has given a strong signal it has concerns over Glencore buying Teck, citing Teck’s importance to the domestic critical-minerals industry.While rain and cooler temperaturesto some parts of the province, there were still 89 active wildfires burning as of this morning, with 26 listed as out of control.
The Alberta government is providing one-time emergency financial assistance to some residents: Adults who have been displaced, by official order, for at least seven consecutive days are to receive $1,250, in addition to $500 for each dependent child under the age of 18, Premier Danielle Smith said yesterday.from former members of an elite Alberta wildfire-fighting crew who say budget cuts have left the province battling current blazes short-handed.