Teck Resources rejects unsolicited takeover offer from Glencore

VANCOUVER –

Teck Resources Ltd. says it has rejected an unsolicited takeover provide from Glencore.

Teck board chair Sheila Murray says it isn’t considering a sale of the corporate right now.

Teck introduced a plan earlier this yr to separate the corporate in two, separating its steelmaking coal business from its base metals operations.

Murray says the board believes the corporate’s plan creates a higher spectrum of alternatives to maximise worth for Teck shareholders.

Teck says the provide from Glencore was for 7.78 Glencore shares for every Teck class B subordinate voting share and 12.73 Glencore shares for every Teck class A share, a 20 per cent premium for each on the date of the provide.

Teck CEO Jonathan Price says the proposal would expose Teck shareholders to a big thermal coal business, an oil buying and selling business and vital jurisdictional danger, all of which he says would harm the worth potential of Teck’s business.

This report by The Canadian Press was first revealed April 3, 2023