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Swiss-based Glencore has ambitions to expand into an even bigger force in the commodity trading sector. © Keystone / Urs Flueeler
Canadian mining company Teck Resources has turned down a takeover bid from Swiss commodity trading giant Glencore.
This content was published on April 3, 2023 April 3, 2023 minutes swissinfo.ch/mga Glencore put in an offer on Monday worth around $23 billion (CHF21 billion) that would have created a combined entity with a market value of $90 billion.
But Teck rebuffed the deal, a decision that was backed by the company's major shareholder.
Glencore had planned to break the merged companies into two separate parts: a metals mining and trading division and another entity comprising Glencore and Teck coal businesses.
Had the deal been accepted, the combined entity would have become the world's third largest copper producer, according to the Financial Times.
The Swiss company has not yet indicated how it will proceed after having its initial offer rejected.
Baar-based Glencore has 140,000 employees and contractors worldwide and saw revenues rise last year by 26% to $226 billion.
In 2012, Glencore merged with mining firm Xstrata to create a $70 billion industry giant .
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