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GLENCORE OPEN TO IMPROVING TECK OFFER, BUT SHAREHOLDERS MUST REJECT PLAN TO
SPLIT
British Columbia Premier David Eby voiced his concern on the takeover situation
on Wednesday, urging shareholders to stay with Teck.
Author of the article:
The Canadian Press
Published Apr 19, 2023 • Last updated Apr 20, 2023 • 3 minute read
Join the conversation
Signage in the Teck Resources Ltd. booth, Tuesday, March 6, 2012 at the
Prospectors and Developers Association of Canada's annual convention and trade
show in Toronto. Photo by Norm Betts /Bloomberg
ARTICLE CONTENT
Glencore says it is willing to consider improving its offer to acquire Teck
Resources Ltd., but the Swiss company says shareholders of the Canadian miner
must first reject a plan to separate its base metals and steelmaking coal
businesses.
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ARTICLE CONTENT
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GLENCORE OPEN TO IMPROVING TECK OFFER, BUT SHAREHOLDERS MUST REJECT PLAN TO
SPLIT BACK TO VIDEO
In an open letter to Teck shareholders on Wednesday, Glencore CEO Gary Nagle
said he believes that any such improvements are best considered following
engagement by the Teck board of directors.
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ARTICLE CONTENT
Glencore has never stated that its proposal is “best and final” and that it is
not willing to make changes and improvements to its proposal, Nagle said in the
letter.
“In fact, we believe that with engagement, we could improve our proposal’s terms
and value, which would be in the best interests of all Teck shareholders,” he
said.
British Columbia Premier David Eby voiced his concern on the takeover situation
on Wednesday, urging shareholders to stay with Teck.
“This is an unusual intervention, I recognize that, but it reflects the
uniqueness of Teck’s operations here in B.C. as well as the direction where
we’re going as a government and as a province as a whole,” he said in an
interview.
ARTICLE CONTENT
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ARTICLE CONTENT
“Our branding, internationally, is consistent with the approach that Teck is
taking, which is we have high environmental standards, that we work in
partnership with First Nations and that we’re delivering the critical minerals
for the transition to a clean economy around the world in response to climate
change,” said Eby.
Teck operates four steelmaking coal mines in B.C.’s Elk Valley, employing over
4,000 people. Its operation in Trail, B.C., is one of the world’s largest
integrated zinc and lead smelting and refining complexes.
Teck’s board has rejected Glencore’s unsolicited takeover offer that would see
shareholders receive a stake in a combined metals company as well as a choice of
cash or shares in a company that would hold their merged coal assets.
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ARTICLE CONTENT
The proposal represented a 20 per cent premium when it was first made.
Instead, Teck is pursuing a plan it announced in February to split up its metal
and steelmaking coal businesses into two companies, Teck Metals and Elk Valley
Resources.
The proposal will be voted on by shareholders on April 26.
However, Glencore says it cannot pursue its proposal if Teck’s plan to separate
its businesses goes ahead because it would add significant complexity to the
deal.
“A two-step transaction would require the involvement of two sets of boards and
shareholders, and introduce significant potential delay following completion of
the proposed Teck separation,” Nagle wrote.
Teck chief executive Jonathan Price said the Glencore proposal is not a
realistic or viable option and urged shareholders to support the company’s plan.
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ARTICLE CONTENT
“This is a distraction — a transparent and opportunistic attempt to disrupt our
separation plan with an ill-defined and highly uncertain proposal,” Price said
in his own letter to shareholders Wednesday.
“Importantly, Glencore admits that they are uniquely positioned to make an offer
for Teck in its current form; the pending separation will correct that by
opening up a wider range of opportunities for value enhancement.”
Price said the Glencore offer is a slightly modified version of a proposal the
company made for Teck in 2020 that was rejected because it was not in the best
interest of shareholders.
Teck is controlled by the Keevil family, which owns the company’s class A shares
together with Japanese company Sumitomo.
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ARTICLE CONTENT
Teck chairman emeritus Norman Keevil has said Glencore’s proposal is the wrong
one, at the wrong time, but that he is open to talking about other possible
deals once the company completes its own plan to split its business.
Keevil has said he would support a transaction — whether it be an operating
partnership, merger, acquisition or sale — with the right partner, on the right
terms for Teck Metals after the separation takes place.
RECOMMENDED FROM EDITORIAL
1. TECK RESOURCES IS SAID TO BE OPEN TO OFFERS ONCE COAL SPINOFF IS COMPLETE
2. B.C., OTTAWA REJECT PROPOSED GLENCORE COAL MINE NEAR TUMBLER RIDGE
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