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Glencore proposes to buy remaining stake of PolyMet

Published 07/03/2023, 08:21 AM
Updated 07/03/2023, 08:31 AM
© Reuters. FILE PHOTO: The logo of commodities trader Glencore is pictured in front of the company's headquarters in Baar, Switzerland, July 18, 2017.  REUTERS/Arnd Wiegmann/File Photo
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(Reuters) - Glencore (OTC:GLNCY) Plc said on Monday it had proposed to buy the remaining stake in copper miner PolyMet Mining it does not already own for about $71 million.

The Swiss commodity trader already owns 82.26% of PolyMet.

Glencore is in the midst of a bigger acquisition bid for Canada's Teck Resources (NYSE:TECK) as the miner looks to increase exposure to energy transition metals such as copper and nickel.

© Reuters. FILE PHOTO: The logo of commodities trader Glencore is pictured in front of the company's headquarters in Baar, Switzerland, July 18, 2017.  REUTERS/Arnd Wiegmann/File Photo

Glencore's non-binding cash offer of $2.11 per share values PolyMet at about $410 million, according to Reuters calculation.

Shares of PolyMet more than doubled in premarket trading to $1.87.

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