Canada set to approve Glencore takeover of Teck coal business, The Globe and Mail reports

(Reuters) – Canada’s federal government is set to approve Glencore’s acquisition of the steelmaking coal unit of Teck Resources with several legally binding conditions, the Globe and Mail reported on Thursday.

The government is planning to approve the deal as soon as Thursday, the report added citing sources close to the transaction.

Teck and Glencore did not immediately respond to Reuters request for comment.

Glencore announced in November last year that it had agreed to buy a 77% stake in the Canadian miner’s steelmaking coal business for $6.93 billion.

(Reporting by Surbhi Misra in Bengaluru; Editing by Alistair Bell)