Australian shares are set to fall, in sync with broad losses in New York. Wage data, RBNZ policy decision on agenda. $A slides. Follow updates here.
Teck Resources will spin off its steelmaking coal business and simplify its share structure in a sweeping overhaul that is likely to make the Canadian miner an attractive target for larger rivals.
The coal business has an implied enterprise value of about $C11.5 billion , the firm said. Teck also plans to wind down the dual-class share structure under which Canada’s Keevil family controls the company, though the change will be over six years. Teck shares were little changed at $C59.45 at 2.42pm in Toronto trading. Bloomberg first reported the Vancouver-based company’s plan to spin off the coal division last week.
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