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India’s JSW Steel considers 75% interest in Teck’s coal business – Bloomberg

17Aug

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Business

India’s JSW Steel considers 75% interest in Teck’s coal business – Bloomberg

The logo of JSW is seen on the company's headquarters in Mumbai, India, February 11, 2016. REUTERS/Danish Siddiqui/File Photo Acquire Licensing RightsAug 17 (Reuters) - India's JSW Steel Ltd (JSTL.NS) is considering picking up a 75% interest in Teck Resources' (TECKb.TO) steelmaking coal business Elk Valley Resources, according to a Bloomberg report.Bloomberg had reported in July that the Mumbai-based company was interested in up to 20% of Teck’s coal business.The potential deal could value the business at $8 billion, said Bloomberg, rivaling an earlier bid by Swiss commodities giant Glencore (GLEN.L).Glencore earlier this year offered to buy Teck's steelmaking coal business as a standalone unit, after the Canadian miner twice rebuffed its $22.5 billon offer to combine the two companie...

India’s ITC to demerge hotel business into separate company

24Jul

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Business

India’s ITC to demerge hotel business into separate company

BENGALURU, July 24 (Reuters) - India's ITC Ltd (ITC.NS) said on Monday it would spin off its hotels business from the rest of the company, separating it from its cigarettes and food businesses.The cigarettes-to-hotels conglomerate would hold a 40% stake in the newly formed entity, to be named ITC Hotels Ltd, with the remaining 60% held by shareholders of ITC, if the demerger is given final approval by the board during its meeting on August 14."Hotels business has matured over the years and is well poised to chart its own growth path as a separate entity in the fast-growing hospitality industry with sharper focus on the business and an optimal capital structure," ITC said in a statement.Shares of the company hit a record high earlier in the day before falling as much as 4.3% after the an...

Teck’s base metals business attracts offers from Freeport, Vale, Anglo

17Apr

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Business

Teck’s base metals business attracts offers from Freeport, Vale, Anglo

Several firms interested in base metals deals-sourcesControlling Keevil family opposes Glencore dealGlencore could raise Teck offer to C$70/shr - JPMApril 16 (Reuters) - Teck Resources Ltd (TECKb.TO) has been approached by Vale SA (VALE3.SA), Anglo American Plc (AAL.L) and Freeport-McMoRan Inc (FCX.N) among others to explore deals for its base metals business if the Canadian copper miner goes ahead with a planned split, sources close to the matter told Reuters on Sunday.The approaches from more than six mining companies interested in transactions if Teck spins off its coal business come as the Vancouver-based miner is fending off an unsolicited takeover offer from Glencore Plc (GLEN.L)."Following years of strong commodity prices leading to strong balance sheets and low leverage, we expe...

Thyssenkrupp’s restructuring plan has ‘failed’, labour bosses say

31Mar

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Business

Thyssenkrupp’s restructuring plan has ‘failed’, labour bosses say

FRANKFURT/DUESSELDORF, March 31 (Reuters) - German industrial group Thyssenkrupp's (TKAG.DE) powerful labour representatives lashed out at leadership on Friday, demanding a strategic roadmap while saying that CEO Martina Merz's plan to create a so-called group of companies had failed.The comments were made following a supervisory board meeting during which the board presented an update on restructuring efforts, including plans to divest its steel division and prepare the firm's defence division for a standalone future.Under the plans, the sprawling conglomerate would ideally become more of a holding company owning stakes in its divisions, without necessarily operating them, hoping to revive its languishing share price."The concept of the group of companies has failed for us," Thyssenkru...