Glencore has told Teck Resources shareholders it is willing to improve its $22.5 billion takeover offer, raising the pressure on the Canadian miner to ditch a restructuring plan and sit down at the negotiating table.
shareholders it is willing to improve its $22.5 billion takeover offer, raising the pressure on the Canadian miner to ditch a restructuring plan and sit down at the negotiating table.
The Swiss miner and trader made its all-share offer as Teck's own plan to spin off its metallurgical coal business and focus on copper and zinc nears an April 26 vote. Glencore Chief Executive Gary Nagle flew to Canada to meet shareholders last Thursday after revising its unsolicited bid to include up toTeck's board rejected that as too low, adding that it would unnecessarily expose shareholders to a large thermal coal business and an unwanted oil trading unit.
"With engagement, we could improve our proposal's terms and value, which would be in the best interests of all Teck shareholders."
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