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Pierre Lassonde ‘mystified’ by Teck choice of Glencore bid for coal unit

Reuters - Wed Nov 15, 2023

Veteran mining entrepreneur Pierre Lassonde said on Wednesday that he is “mystified” by Teck Resources’ TECK-B-T decision to sell its coal unit to a Glencore-led consortium for $9-billion because his group bid the same price.

“We put together an offer that was very, very competitive, it was in the best interest of Teck shareholders, Canada … the employees,” Lassonde said in an interview.

“And it was a holistic solution with the same price tag.”

On Tuesday, Teck agreed to sell its steelmaking coal unit to the group led by Switzerland-based Glencore GLNCY.

Lassonde said his consortium included Fairfax Financial Holdings founder Prem Watsa and Stelco Holding Inc CEO Alan Kestenbaum, both in their individual capacities. Their offer was credible and comparable to what Teck’s board accepted from Glencore, he said.

Teck, Watsa and Kestenbaum did not immediately respond to requests for comments.