“Teck Resources: Glencore Takeover Bid Rejected, Ready for Other Deals”

2023-04-17 17:30:57

I published it already 0 minutes

Teck’s board of directors rejected Glencore’s unsolicited takeover bid. (Photo: The Canadian Press)

Vancouver — The majority shareholder of Teck Resources has rejected Glencore’s takeover bid for the Canadian mining company, but says it is ready to discuss other possible deals once the company completes its own split plan.

Norman Keevil, chairman emeritus of Teck, believes Glencore’s offer is the wrong proposal at the wrong time.

Teck’s board has rejected Glencore’s unsolicited takeover bid, which would see shareholders receive a stake in a company combining the two companies’ metals businesses, as well as a choice of cash or shares in a company that would hold their assets in the coal sector.

Instead, the company is pushing ahead with the plan it announced in February to split its metals and steelmaking coal business into two companies, Teck Metals and Elk Valley Resources. The proposal will be put to a shareholder vote by the end of the month.

Keevil says he would welcome a transaction — whether it’s an operating partnership, merger, acquisition or sale — with the right partner and on the right terms for Teck Metals, once the separation is complete.

Teck is controlled by the Keevil family, which owns the company’s Class A shares along with Japanese company Sumitomo.

1681752897
#Glencores #offer #wrong #time #Tecks #controlling #shareholder