real-time news and commentary for investors
Friday, Oct 4
Teck, Rio far apart on price for Iron Ore of Canada stake
- Teck Resources (TCK) has lost interest in buying Rio Tinto’s (RIO) controlling stake in Iron Ore Co. of Canada after failing to agree on a price, Bloomberg reports.
- While TCK is still officially participating in the auction process for the asset, the two companies are said to be far apart on a valuation and aren’t moving closer.
- In light of the rising price of iron ore, which has climbed as much as 29% since May as Chinese steel demand recovers, Rio may decide it's better off keeping its 59% stake in the unit, which is valued at as much as $3.5B.