By Paul Vieira


OTTAWA--Canada approved late Thursday a Glencore-led $9 billion deal to acquire coal assets from Teck Resources, after officials secured commitments from both companies about additional investment in the country.

Furthermore, Canada's industry minister, François-Philippe Champagne, said pending approvals of foreign-led deals involving critical minerals would only be granted in "the most exceptional of circumstances."

Glencore unveiled last November its proposed purchase of Teck Resources' coal assets. As structured, Switzerland-based Glencore would acquire a 77% stake in Teck's coal operations, which valued the assets at $9 billion.


Write to Paul Vieira at paul.vieira@wsj.com


(END) Dow Jones Newswires

07-04-24 2241ET