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Strategies & Market Trends : Dino's Bar & Grill -- Ignore unavailable to you. Want to Upgrade?

To: Goose94 who wrote (149209)	4/10/2023 10:38:55 AM
From: Goose94	Read Replies (1) \| Respond to of 203382

Teck Resources (TECK.B-T) Canadian Miners Circle The Wagons Against Glencore PLC It sure seems Glencore’s struck a raw nerve with its unsolicited proposal to buy Teck Resources for US$23.1 billion. That proposal has sparked resource nationalism the likes we haven’t seen in some 15 years here in Canada, not just from Teck itself, but from the Canadian mining community writ large. Let’s start with Teck itself here – CEO Jonathan Price is out this morning calling the bid a “non-starter” and is describing Glencore as an “unsuitable acquirer”, essentially doubling down on controlling shareholder Norman Keevil’s declaration last week that Teck won’t fall into foreign hands, damn the torpedoes. Now, to the broader community’s support – Canadian mining legend Pierre Lassonde is trying to put together a group of investors to buy up to $300 million worth of shares of Elk Valley (Teck’s planned spin-off of its steelmaking coal unit into a publicly-traded entity) to become a blocking shareholder to prevent a foreign takeover of that unit. For market watchers of a certain vintage, this harkens back to the consternation of the late aughts when a string of Canadian mining giants – Inco, Falconbridge, Alcan and the like – were snapped up by foreign players in what’s been described as a hollowing out of Canadian ownership of domestic mining assets. BNN.ca