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Rio Tinto (NYSE:RIO) is studying detailed proposals for potential takeover targets, and has approached banks about financing a deal for Teck Resources (TECK), Sky News reported Friday.
Rio (RIO) has drawn up a list of potential takeover targets in the wake of BHP’s failed bid for Anglo American, according to the report.
It was unclear whether Rio would choose to make a formal approach for Teck (TECK), which bankers say would be valued at well over $30B in any credible approach.
The sale of Teck’s (TECK) coal division to Glencore for just under $7B, which was completed last week, has left it as a pure play miner focused on copper and other metals relevant to the energy transition.
Other global miners are said to be weighing a deal for Teck (TECK), but any foreign bid would face intense scrutiny and potentially strict conditions from the Canadian government.