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

To: Goose94 who wrote (149685)	4/14/2023 9:56:23 AM
From: Goose94	Read Replies (2) \| Respond to of 203382

Teck Resources (TECK.B-T) largest shareholder supports Glencore PLC deal Tidy little report here from our Bloomberg News partners, who are reporting Teck Resources’ largest shareholder, China Investment Corp., is leaning toward supporting Glencore’s plan to combine its thermal coal unit with Teck’s steelmaking coal division. CIC – China’s massive sovereign wealth fund – owns about 10 per cent of Teck’s common Class B shares, and reportedly sees Glencore’s proposal for the coal assets as a cleaner exit for investors than Teck’s plans to spin out its coal unit into a new publicly-traded entity (though Bloomberg reports CIC has yet to make a final decision.) That Class B distinction is important in the context of the vote – while the Keevil family controls the company through its super-voting Class A shares (and are adamant the Glencore deal cannot come to pass), the vote on Teck’s spinout proposal requires approval from both groups of shareholders. BNN.ca