Rio Tinto is studying a refreshed list of takeover targets that includes Canadian miner Teck Resources TECK-B-T, Sky News reported on Friday, but a source close to the world’s second-largest miner said a bid was not imminent.
Citing unnamed sources, the Sky News report said Rio had drawn up detailed proposals for a potential bid for Teck, which included approaching banks for financing a deal. Rio declined to comment on the report.
Teck, which is valued at nearly 35 billion Canadian dollars ($25.71-billion), according to LSEG data, recently sold its steelmaking coal unit to Swiss commodities trader Glencore in a deal worth about $6.9-billion.
Friday’s report that Rio is refreshing its list of possible takeover targets comes weeks after rival BHP walked away from its $49-billion plan to take over rival Anglo American .