Norman Keevil said for the first time he would support the sale of Teck, but only after it completes coal business spinoff plan. Read on.
“I would support a transaction — whether it be an operating partnership, merger, acquisition, or sale — with the right partner, on the right terms for,” Keevil said in a statement on April 16. “Glencore’s proposal is the wrong one, as well as at the wrong time,” he added. “I fully agree with Teck’s board that there is no deal to be done pre-separation with Glencore or any other party.”
Teck’s management is confident that Teck Metals, which will produce metals needed for the energy transition away from fossil fuels, will boost the company’s longer-term prospects and provide a superior opportunity for its shareholders. Glencore, though, is looking to scoop up the Canadian miner before the company divides itself. It has similar plans to split the combined company into one that would be the world’s third largest copper producer and one that produces thermal coal, steelmaking coal and other fossil fuels.Article content
The Swiss company says its offer is better because it would create bigger companies, and because the companies would be immediately independent — an important consideration for investors who want a clean break from the risks attached to fossil fuels. Teck’s plan doesn’t offer that because the coal company would temporarily fund Teck Metals., has said exposing the company’s shareholders to Glencore’s thermal coal and oil assets would “contaminate” Teck’s value.
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