Live news: Canadian-led consortium plans bid for Teck’s coal operations in challenge to Glencore

A new consortium plans to bid for Teck Resources’ metallurgical coal operations, a move that would thwart Glencore’s $23bn offer to purchase the entire company.

Canadian mining investor Pierre Lassonde, chair emeritus of Franco-Nevada Corp., told the Globe and Mail on Tuesday he had assembled a consortium to bid for Teck’s entire coal business.

“We’ve had discussions with Teck, we’ve put forward a plan, and we have signed a [confidentiality agreement],” he told the paper. “We’re waiting to hear from them as to which way they want to proceed.”

Teck’s board, having repeatedly rejected Glencore’s hostile offer, was forced to scrap its plans to split the group into a metals business and a separate coal company after failing to garner enough support from shareholders for the separation.

Lassonde did not immediately respond to comment.