Teck Resources Ltd withdrew its plan to split in two on Wednesday, a surprise development just ahead of a key shareholder vote, as the miner sought to fend off a $22.5 billion takeover attempt from Glencore Plc .
, the latest in a wave of mining industry buyout offers fueled by demand for copper and other metals needed for the green energy transition.
Shareholders "would like to see a simpler and more direct separation, and that's exactly what we will now go away and study," CEO Jonathan Price said on a Wednesday conference call. "We'll look at a range of alternatives there with the focus on maximizing shareholder value and work through those details."
Glencore declined to comment on Teck's move to call off its planned separation. Its chief executive, Gary Nagle, last week had enticed Teck shareholders with the promise of a sweeter bid that has yet to come. Glencore's plan would combine and spin off its thermal coal unit and Teck's steelmaking coal business, while rebranding the rest of the operations as GlenTeck.
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