Vancouver-based Teck Resources has agreed to sell a 77% stake in its steelmaking coal business to Swiss commodities giant Glencore for $6.9 billion. Japanese company Nippon Steel will acquire a 20% stake in exchange for its interest in one of Teck’s coal operations and $1.7 billion in cash, while South Korean steelmaker Posco will swap its interest in a pair of Teck’s coal operations for a 3% stake in the overall steelmaking coal operations. The deals value Teck’s steelmaking coal operations at $9 billion, and the move allows Teck to focus on expanding its copper and zinc production. The deal, however, will be reviewed under the Investment Canada Act (ICA), which monitors investments made by non-Canadians to assess the net benefit to this country’s economy.Top of Form