Teck Resources board of directors rejects latest Glencore takeover bid

VANCOUVER — Teck Resources Ltd. says its board of directors has rejected the latest takeover offer from Swiss company Glencore.

The Canadian mining company says the revised offer is not in the best interest of shareholders.

Teck says its board and management team remain committed to its plan announced in February to split up its metal and steelmaking coal businesses into two companies, Teck Metals and Elk Valley Resources. 

Glencore revised its unsolicited offer for Teck earlier this week to include an US$8.2-billion cash component. The offer would see Teck shareholders receive 24 per cent of the combined metals company and cash. 

Teck called the Glencore offer “opportunistic and unrealistic”

Teck board chair Sheila Murray says the company’s own plan “creates a significantly greater spectrum of opportunities to maximize value for Teck shareholders.”

This report by The Canadian Press was first published April 13, 2023.

Companies in this story: (TSX:TECK.B) 

The Canadian Press