Teck calls for Glencore to spin out coal unit as it rejects $23bn revised bid

Canadian miner Teck Resources rebuffed a revised hostile $23bn bid from Glencore, but left the door open for continued talks under a different deal structure than that proposed by the FTSE 100 miner.

Teck told Glencore that if it wished to continue deal talks in future, the Swiss miner should first spin off its thermal coal business — which is the world’s most profitable — then come back for discussions.