Teck's biggest shareholder favors revised Glencore bid - Bloomberg News
ca.finance.yahoo.com
Reuters
Fri, April 14, 2023 at 6:05 a.m. PDT·1 min read
April 14 (Reuters) - Canadian copper miner Teck Resources Ltd's biggest shareholder, China Investment Corp (CIC), favors Glencore's revised takeover offer as it would allow investors to exit their coal exposure for cash, Bloomberg News reported on Friday.
Glencore on Tuesday modified its $22.5 billion all-share takeover bid for Teck to include up to $8.2 billion in cash, but Teck's board called it "largely unchanged".
CIC, which owns a little over 10% of Teck's Class B shares, may still seek a higher bid from Glencore before supporting the offer, and senior Glencore executives have held conversations with the fund to try and win their support, the Bloomberg report said, citing people familiar with the matter.
Teck, Glencore and CIC did not immediately respond to Reuters requests for comment.
Teck has repeatedly rejected Glencore's offer of merging the companies and subsequently spinning off their combined thermal and steel-making coal businesses, saying it would expose shareholders to thermal coal, oil, LNG and related sectors.
It has instead urged its investors to vote for a restructuring proposal which will see it spin off its highly polluting coal business and focus on production of copper.
Teck investors will decide on the Canadian miner's restructuring plan on April 26.
CIC is considering a vote against Teck's restructuring proposal, although it has yet to make a final decision, the report added. |
