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Investing.com -- Teck Resources Ltd. engaged in intermittent discussions about a potential combination with Vale SA’s base metals unit prior to finalizing its merger agreement with Anglo American Plc, according a report from Bloomberg, citing people familiar with the matter who requested anonymity because they were discussing confidential information.
In materials sent to shareholders Monday supporting its $40 billion deal with the London-based mining giant, Teck revealed it had concurrent negotiations with an unidentified company referred to as "Party X" while in talks with Anglo American .
This unnamed suitor was Vale Base Metals, according to the sources. The disclosure provides new insight into the strategic alternatives Teck considered before ultimately proceeding with the Anglo American transaction.
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