Norwegian sovereign wealth fund to support Teck Resources plan to split business
By The Canadian Press on April 21, 2023.
VANCOUVER – Norway’s sovereign wealth fund says it will vote to support Teck Resources Ltd.’s plan to split the company’s metals and steelmaking coal businesses into two separate companies at a key shareholder meeting next week. The decision comes as Teck works to secure support for its plan over an unsolicited takeover proposal by Swiss company Glencore, which is urging shareholders to reject the company’s proposal in favour of its offer to acquire the company. Glencore has said it cannot pursue its bid if Teck’s plan to separate its businesses goes ahead since it would add significant complexity to the deal. Norges Bank Investment Management, which manages Norway’s Government Pension Fund Global, published its voting intentions as part of its routine disclosures on its website. It held a roughly 1.5 per cent stake in the Canadian mining company as of the end of 2022. Teck announced in February a proposal to split up its metals and steelmaking coal businesses into two companies, Teck Metals and Elk Valley Resources. The change requires approval by a two-thirds majority vote by the class A shareholders as well as approval by a two-thirds majority vote by the class B shareholders. Teck shareholders will vote on the separation plan at a meeting on April 26. This report by The Canadian Press was first published April 21, 2023. Companies in this story: (TSX:TECK.B) 9-8
