Back in the spring, Teck Resources Ltd. suffered one of the biggest blows in its more than 100-year history. At the 11th hour, Canada’s biggest diversified mining companyannual general meeting was akin to that in a morgue. Teck’s sombre-faced chief executive officer Jonathan Price and its board of directors were forced to publicly accept blame for putting forward a poorly conceived restructuring.
Under the plan, Teck would have spun out its ESG-unfriendly steelmaking coal business to shareholders, but still retain significant exposure to it because the business would pay royalties to its remaining critical minerals division for about a decade – a confusing, and convoluted transaction that muddied Teck’s ESG credentials. Another major factor in Teck losing the vote, however, was an aggressive takeover campaign from Swiss mining and commodities trading powerhouse Glencore PLC. In the run-up to the meeting, it successfully convinced a significant number of Teck’s shareholders to vote against the proposed restructurin
Source: News Formal (newsformal.com)
Teck Resources Blow Restructuring Steelmaking Coal Shareholders Royalties ESG Credentials Takeover Campaign Glencore PLC
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Teck Resources to Sell Majority of Coal Business to GlencoreTeck Resources Ltd. is planning on selling the majority of its coal business to Swiss commodities trading giant Glencore PLC, and two Asian steelmakers will buy the balance in a US$8.9-billion transaction.
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Canadian Government to Review Glencore's Acquisition of Teck's Elk Valley ResourcesThe Canadian government will carefully review Glencore's acquisition of Teck's Elk Valley Resources Ltd. to ensure it benefits Canada and passes a national security test. The government will consider factors such as Canadian jobs, a Canadian headquarters, environmental concerns, and the rights of Indigenous people.
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Glencore to Buy Majority Stake in Teck Resources' Coal BusinessGlencore Plc will acquire a majority stake in Teck Resources Ltd.’s coal business, marking a significant development in the mining industry and paving the way for Glencore to exit the coal business.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »
Glencore Expands Coal Empire with Teck Resources AcquisitionSwiss commodities giant Glencore can build up its coal empire, adding the steelmaking coal assets to its vast thermal coal trade. But the deal also reveals how coal has its own set of rules. Despite how profitable and strategic Teck’s coal resources are, they will soon come under foreign control.
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Teck in Talks to Sell Coal Business to GlencoreTeck Resources is reportedly in talks to sell its coal business to Glencore, according to the Wall Street Journal. The potential deal comes as Teck aims to reduce its carbon footprint and shift towards cleaner energy sources.
Source: BNNBloomberg - 🏆 83. / 50 Read more »
Teck Shares Are Back Where They Started Before Glencore OfferTeck Resources Ltd. has come full circle: After a tumultuous seven months kicked off by an unsolicited takeover offer from Glencore Plc that sent the Canadian firm’s stock soaring, its shares are now back where they began.
Source: BNNBloomberg - 🏆 83. / 50 Read more »