Canada's Teck Resources on Monday doubled down on its push to reject an unsolicited $22.5 billion bid from Glencore Plc citing 'fundamental flaws' in the offer and urged shareholders to instead vote for a restructuring.
The Swiss miner's buyout bid, which was made public last week, includes a plan to simultaneously spin off the thermal and steelmaking coal businesses and rebrand the remaining company as GlenTeck.Teck said its board has rejected the offer as Glencore did not present a coherent plan for its proposed coal company, adding that the deal would expose its shareholders to thermal coal, oil, LNG and related sectors.
"Fundamental flaws of Glencore's proposal make it a non-starter and Glencore's track record makes it an unsuitable acquirer," Teck said ahead of an investor call on Monday. The company once again said more value could be unlocked through a proposed restructuring in which the Vancouver-based miner would spin off its steelmaking coal unit to focus on copper and other industrial metals.The company said such a separation is the best option for shareholders as it maximizes value, minimizes execution risk and has no competition or regulatory hurdles, with completion expected by the end of May.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Canadian entrepreneur Lassonde plans to buy blocking stake in Teck's Elk Valley, Globe and Mail reportsCanadian entrepreneur Pierre Lassonde is planning to buy a blocking stake in Elk Valley Resources, the steel-making coal unit to be spun off by Teck Resources Ltd , the Globe and Mail reported.
Read more »
Stocks making the biggest moves premarket: Micron, Pioneer Natural Resources, Tesla and moreThese are the stocks posting the largest moves before the bell.
Read more »
Pioneer Natural Resources stock jumps after WSJ report of merger talks with Exxon MobilShares of Pioneer Natural Resources Co. undefined powered up 6.4% toward an eight-week high, to pace the S&P 500's undefined premarket gainers, after the...
Read more »
Canadian miner Brazil Potash presses on with sensitive Amazon projectA unit of Toronto-based miner Brazil Potash is working to keep a $2.5 billion potash project on schedule, as legal challenges are mounting to its plans for extracting the fertilizer ingredient from beneath the Amazon rainforest.
Read more »
Canadian trade minister condemns hate crime at mosqueCanada's Trade Minister Mary Ng condemned on Saturday a hate crime at mosque saying the incident, which an Islamic society said had apparently involved an attempt to tear a copy of the Muslim holy book, had no place in Canadian society.
Read more »