Glencore Plc is getting closer to increasing its offer for Teck Resources Ltd., in a move aimed at ending weeks of limbo in the battle over the Canadian miner’s future.
The Switzerland-based commodities giant is working on a potential improvement to its bid that could be announced as soon as the coming weeks, according to people familiar with the matter, who asked not to be identified discussing private information. By raising its offer and ratcheting up shareholder pressure, Glencore is seeking to force Teck to the negotiating table, the people said.
Still, an increased bid would increase the pressure on Teck’s board, which has been forced back to square one on its strategy to split out its coal business after April’s failed vote. While Glencore has been reluctant to boost its offer without some sort of engagement, some Teck shareholders have told the Swiss miner and trader they want to see a higher bid before they will be willing to exert more pressure in its favor, some of the people said.
Spokespeople for Glencore and Teck declined to comment. Calls to CIC’s office weren’t answered outside regular business hours. For Glencore, the deal would be company defining, allowing it to create one of the world’s biggest miners of metals while jettisoning its increasingly unpopular — but highly profitable — coal business in the process.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Glencore plans US$1.5-billion investment to expand Peru copper mineCarlos Cotera, general manager of Antapaccay Mining Co, said the Glencore unit was pushing forward the ‘Coroccohuayco’ project, which aims to extend the mine’s lifespan by decades
Read more »
Burnaby non-profits want less stigma, more resources to fight drug crisisWith city suffering dozens of deaths every year from toxic drugs, coalition combats demonization of users, calls for easier access to detox
Read more »
Matthew Lau: Only progressives could believe adding bureaucracy reduces costsPoliticians waste resources because by spending other people’s money, they pay no personal price for their disastrous decisions. Read on.
Read more »
Crews battling two forest fires in White River areaFire hazard across Ontario is high to extreme, according to Ministry of Natural Resources; Highway 631 closed in both directions between White River and Hornepayne
Read more »
9 active wildfires in northeastern Ontario, 1 highway closedThe Ministry of Natural Resources and Forestry (MNRF) is reporting nine active wildfires in northeastern Ontario on Monday.
Read more »
Environmental group questions quarry operator saleCoast Mountain Resources — the company that has been operating the quarry — has been sold to California-based Granite
Read more »