Glencore which is in the middle of a fight to buy Canadian mining rival Teck Resources, said it’s on course for yet another bumper year of trading commodities. Glencore is one of the world’s biggest mining companies, but it also operates a sprawling trading business. The industry experienced a blowout year in 2022, as the disruptions caused by Russia’s invasion of Ukraine sent prices and volatility soaring.
The companies have spent the past few weeks in a bruising fight to win over Teck investors, after its board and controlling shareholder publicly rejected Glencore’s two proposals. The Swiss commodities giant offered to buy Teck for $23 billion and then create two new companies combining their respective metals and coal businesses. Teck is instead moving ahead with a plan to split its business, with a shareholder vote scheduled for April 26. If approved, it would likely end Glencore’s pursuit.
Source: Digital Coin News (digitalcoinnews.net)
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