Canada Pension Plan Investment Board confirmed April 25 it will back Teck Resources\u0027 plan to spin off its steelmaking coal business. Read on
Canada Pension Plan Investment Board, which managed US$536 billion at the end of December, will endorse a plan to spin off Teck’s steelmaking coal business at an April 26 shareholder meeting, it confirmed on April 25.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails or any newsletter. Postmedia Network Inc.
The vote has been framed by Glencore PLC, which is seeking to buy Teck Resources, as a referendum on whether the board of the Canadian company should abandon the split and engage in talks. The companies have spent the past few weeks in a bruising fight to win over Teck investors, after its board and controlling shareholder publicly rejected Glencore’s proposal.
Teck’s controlling shareholder, Norman Keevil, has signalled that he would support a transaction with the “right partner, on the right terms” after the firm separates its metals business from its coal operations.
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