Teck Resources taking ‘direct approach’ to separate its businesses
Teck Resources Ltd. will not go ahead with a key shareholder vote on its plan to separate its metals and steelmaking coal businesses into two companies and instead will pursue what it called a simpler and more direct approach.Teck chief executive Jonathan Price said the company received strong support from shareholders for the goal of separation.
“Our plan going forward is to pursue a simpler and more direct separation, which is the best path to unlock the full value of Teck for our shareholders.”Teck is facing an unsolicited takeover offer from Swiss commodities trader Glencore, which had urged shareholders to reject the company’s proposal in favour of its offer to acquire the company.Glencore had said it would be unable to pursue its own bid if Teck’s plan to separate its businesses went ahead.
The unsolicited pursuit of what is Canada’s largest diversified mining company by an international giant has triggered sentiments of economic nationalism.
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