From Breakingviews - Teck swats dealmaking ball back into its own court
at the eleventh hour because it lacked support, in part because it was too fiddly, with cash flow from its coal unit helping its metals business excavate copper for a while. Boss Jonathan Price and controlling shareholder Norman Keevil also are rejecting Plan B, an even more intricate, all-share $24 billion takeover bid from Glencore
. If Teck doesn’t come up with a persuasive third option, and soon, it is likely to face increased pressure to sell. Teck vowed to come back with a “simpler and more direct” separation proposal. One challenge will be how to fund metals production. Bringing in an outside backer would muddy the promise of an uncomplicated breakup.
, or even a sweetened one. Keevil’s blocking stake is an obvious impediment, but if Plan C doesn’t fly, Plan B will look more compelling.
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