Teck Resources rejects unsolicited takeover offer from Swiss mining giant Glencore

VANCOUVER — Teck Resources Ltd. said Monday it had rejected an unsolicited takeover offer from Swiss mining giant Glencore that comes as the Vancouver\u002Dbased…

Glencore has proposed taking on the whole of Teck and then splitting up the metals side of both companies along with parts of Glencore’s marketing business into one company, and the combined coal and some other related assets into another company.

The Glencore deal would also expose Teck shareholders to a large thermal coal business and oil trading business that are contrary to Teck’s environmental commitments, said chief executive Jonathan Price.Article content Teck’s board said in its official letter rejecting the deal that it found the strategic logic for the proposed combination to be weak.

The purported synergies meanwhile appeared to be “ill-defined, potentially overstated and challenging to realize,” it said.

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