The results of a key vote by shareholders of Teck Resources Ltd., which is facing a hostile takeover attempt by Swiss commodities trader Glencore, will be made public Wednesday. The corporate logo of Teck Resources Limited is shown. THE CANADIAN PRESS/HO
VANCOUVER – Teck Resources Ltd. says it will not go ahead with a key shareholder vote on its plan to separate its metals and steelmaking coal businesses into two companies.
The announcement comes just hours ahead of the company’s annual meeting.
Teck board chair Sheila Murray says the board will focus on incorporating the feedback it heard into a revised value-enhancing separation to maximize value for shareholders.
Teck is facing an unsolicited takeover offer from Swiss commodities trader Glencore, which had urged shareholders to reject the company’s proposal in favour of its offer to acquire the company.
Glencore had said it would be unable to pursue its own bid if Teck’s plan to separate its businesses went ahead.
Teck is controlled by the Keevil family, which owns the company’s class A shares together with Japanese company Sumitomo Metal Mining Co. Ltd.
This report by The Canadian Press was first published April 26, 2023.
Companies in this story: (TSX:TECK.B)
