Finally, Glencore has managed to acquire Teck Resources’ met coal assets. This means that half of its initial Teck ambition has been accomplished. While there are some questions with respect to the way forward and its associated timelines, the markets seem to be on board with the firm’s plans. Overall, our positive stock recommendation is reiterated, underpinned by the intact long-term re-rating prospects for a potentially strong non-fossil/metals asset portfolio.
