Swiss firm not goving up on attempt to take over B.C.’s Teck Resources
Glencore says it is willing to consider improving its offer to acquire Teck Resources Ltd., but the Swiss company says shareholders of the Canadian miner must first reject a plan to separate its base metals and steelmaking coal businesses.
Glencore has never stated that its proposal is “best and final” and that it is not willing to make changes and improvements to its proposal, Nagle said in the letter. Teck’s board has rejected Glencore’s unsolicited takeover offer that would see shareholders receive a stake in a combined metals company as well as a choice of cash or shares in a company that would hold their merged coal assets.Instead, Teck is pursuing a plan it announced in February to split up its metal and steelmaking coal businesses into two companies, Teck Metals and Elk Valley Resources.
Teck is controlled by the Keevil family, which owns the company’s class A shares together with Japanese company Sumitomo.
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