The Teck Resources logo is seen on a podium before the company's special meeting of shareholders, in Vancouver, B.C., Wednesday, April 26, 2023. THE CANADIAN PRESS/Darryl Dyck
VANCOUVER – The future of Canada’s largest diversified mining company remains unclear after a tumultuous week that saw Teck Resources Ltd. pull its restructuring plan at the last hour while mining giant Glencore pursues its takeover efforts of the company.
Vancouver-based Teck cancelled a Wednesday shareholder vote on its plan to split into a metal and a coal company and said it is still opposed to any deal with Glencore, adding that it remains committed to its own plan to become two companies.
Glencore, meanwhile, said Thursday that it is still interested in discussing a deal with Teck’s board of directors, but it is willing to take its takeover offer directly the company’s shareholders if necessary.
The failure of Teck’s restructuring plan has kept the door open for Glencore’s proposal, which has also created heightened political interest including calls from the federal Conservatives for the government to block any attempt by the Swiss company to acquire Teck.
The timing of any future Teck restructuring proposal remains unclear, as does Glencore’s next move.
While much remains unknown, what does seem clear is that shareholders are benefiting from the competing plans as shares have been trading around all-time highs in past two weeks.
This report by The Canadian Press was first published April 28, 2023.
Companies in this story: (TSX:TECK.B)
