Teck Resources and Glencore are fighting over a $23.2\u002Dbillion takeover that could rewrite Canada\u0027s mining industry. Read why it\u0027s important.
Duelling coal separation plans
for about 60 per cent of its revenue, though it has been trying to rebalance its portfolio to produce more metals.Article content Teck rejected Glencore’s bid on April 3, accusing the mining giant of being “opportunistic” by trying to scoop up the Canadian company right before it attempted to boost market value through its separation plan. Teck added the deal would expose shareholders to thermal coal and oil trading, going against the company’s objective of moving towards producing commodities that support the energy transition.
Teck’s CEO isn’t sitting back. Price, too, has been meeting with shareholders in Toronto, and has pledged to continue doing so until the vote next week.The outcome of the shareholder vote remains uncertain, but there’s been plenty of drama dominating the landscape this past week. On April 13, Institutional Shareholder Services , a major advisory firm, urged shareholders to reject Teck’s separation plan.
The Mining Association of British Columbia , the province’s largest mining group and whose members include both Teck and Glencore, has urged the federal government to conduct a “significant review” of Glencore’s takeover bid.Article content
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