Glencore Plc on Tuesday modified its $22.5 billion all-share takeover bid for Teck Resources Ltd's to include up to $8.2 billion in cash, but Teck's board called it 'largely unchanged' and analysts said it will need to rise further still.
to include up to $8.2 billion in cash, but Teck's board called it "largely unchanged" and analysts said it will need to rise further still.
Teck said its board will review and evaluate the offer, but nevertheless believes it is "largely unchanged" from the original bid.announced in February, in which Teck would spin off its steel-making coal unit to focus on copper and other industrial metals, was the only viable option for the company. Canada's Keevil family, which has opposed Glencore's bid, controls Teck through its dominant ownership of 'A' class of shares, which have more voting power than the numerous 'B' class shares held by institutions.
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