Jannah Theme License is not validated, Go to the theme options page to validate the license, You need a single license for each domain name.
USA

Teck Resources shareholders have a lot to think about as spinoff vote looms

Longtime shareholder of the Vancouver-based company Tech Resources (CA: TECK.B, CA: TECK.A) You’ve never seen a company this busy.

On the one hand, management proposed a business split Teck Metals will maintain its copper and zinc businesses. Elk Valley Resources owns the steelmaking coal business.

at the same time, Glencore PLC (United States: GLCNF) offered a hostile takeover of the entire company for $23.1 billion. Teck Management, Board and Controlling Shareholders Norman B. Keevill, wants nothing to do with the proposal. Instead, they rejected it outright and even refused to participate in discussions with the Swiss mining and commodity trading giant.

of VOTE FOR TECH DIVISION The split into two businesses will take place on April 26th. A revised bid from Glencore could be made by then. However, only a minority of people think that splitting up the company is a good idea.

Meanwhile, TECK’s share price rose more than 42% last month as Glencore’s share increased by over 14%.

strong institutional opposition

April 15th, bloomberg Reported proxy advisor recommended by glass lewis Teck shareholders say ‘no’ to management’s plan to spin off the company’s iron-making coal business. Glass Lewis feels that management should look further into Glencore’s offer. He further claims that he is in no hurry to split the company into two businesses.

Institutional Shareholder Services, another prominent proxy voting advisor, It is also recommended that shareholders refuse Because the status quo or other alternative structures are more attractive.

Also, jeopardizing segregation voting Improved offer from Glencorepossibly billions of dollars in price increases.

“Between the ISS nomination and Glencore’s higher bid coming, the vote really seems to be in jeopardy. Mining.com Reported comments from Canaccord Genuity analyst Dalton Baretto in an April 13 interview. “I wouldn’t be surprised if management tweaks the proposal.”

Teck shareholders are wise to keep an eye on the events leading up to the vote.

Glencore Ups Bid

Glencore has made two unsolicited bids for Teck.of First was $22.5 billion in inventory, a 20% premium to its stock price. Shareholders will receive 7.78 Glencore Shares for Class B Subordinated Voting Shares and 12.73 Glencore Shares for Class A Common Shares.

Tech declined the offer.

Glencore would like to acquire Teck and combine Teck’s metals business and part of Glencore’s marketing and metals business into one company, and Teck’s coal business and Glencore’s coal business into another company.

On April 11th, Glencore changed the offer as follows: Including $8.2 billion in cash To buy out shareholders who don’t want exposure to coal.

Glencore CEO Gary Nagle said in a letter to Tech’s board of directors that “as a modification to the proposed transaction, we are prepared to introduce a cash component to buy out shareholders from coal exposures. There is,” he said.

The second proposal would give Teck shareholders 24% of the total metals business and $8.2 billion for the coal business.

available for sale

April 16th, Norman Keebill Releases Statement He suggested that he was open to selling Teck’s metals business, but not before it split into two companies.

“There are a number of mining players interested in partnering with or investing in Tech Metals after they have focused on Tech and separated their base metals and steelmaking coal businesses,” Keevil said.

“Whether it is a partnership, merger, acquisition or sale, we will support transactions with the right partners on the right terms for post-separation Teck Metals. Based on our experience, we believe that pursuing a sale or merger transaction now would deprive shareholders of significant post-separation value.”

Companies that have approached Teck about selling their metals business post-separation include: veil (United States: Veil), Anglo-American (United States: NGLOY)and Freeport-McMoran (United States: FCX).

This story was originally Fintel.

The views and opinions expressed herein are those of the authors and do not necessarily reflect those of Nasdaq, Inc.

Summarize this content to 100 words

Longtime shareholder of the Vancouver-based company Tech Resources (CA: TECK.B, CA: TECK.A) You’ve never seen a company this busy.On the one hand, management proposed a business split Teck Metals will maintain its copper and zinc businesses. Elk Valley Resources owns the steelmaking coal business.at the same time, Glencore PLC (United States: GLCNF) offered a hostile takeover of the entire company for $23.1 billion. Teck Management, Board and Controlling Shareholders Norman B. Keevill, wants nothing to do with the proposal. Instead, they rejected it outright and even refused to participate in discussions with the Swiss mining and commodity trading giant. of VOTE FOR TECH DIVISION The split into two businesses will take place on April 26th. A revised bid from Glencore could be made by then. However, only a minority of people think that splitting up the company is a good idea.

Meanwhile, TECK’s share price rose more than 42% last month as Glencore’s share increased by over 14%.strong institutional oppositionApril 15th, bloomberg Reported proxy advisor recommended by glass lewis Teck shareholders say ‘no’ to management’s plan to spin off the company’s iron-making coal business. Glass Lewis feels that management should look further into Glencore’s offer. He further claims that he is in no hurry to split the company into two businesses.Institutional Shareholder Services, another prominent proxy voting advisor, It is also recommended that shareholders refuse Because the status quo or other alternative structures are more attractive. Also, jeopardizing segregation voting Improved offer from Glencorepossibly billions of dollars in price increases. “Between the ISS nomination and Glencore’s higher bid coming, the vote really seems to be in jeopardy. Mining.com Reported comments from Canaccord Genuity analyst Dalton Baretto in an April 13 interview. “I wouldn’t be surprised if management tweaks the proposal.”Teck shareholders are wise to keep an eye on the events leading up to the vote.

Glencore Ups BidGlencore has made two unsolicited bids for Teck.of First was $22.5 billion in inventory, a 20% premium to its stock price. Shareholders will receive 7.78 Glencore Shares for Class B Subordinated Voting Shares and 12.73 Glencore Shares for Class A Common Shares. Tech declined the offer. Glencore would like to acquire Teck and combine Teck’s metals business and part of Glencore’s marketing and metals business into one company, and Teck’s coal business and Glencore’s coal business into another company. On April 11th, Glencore changed the offer as follows: Including $8.2 billion in cash To buy out shareholders who don’t want exposure to coal. Glencore CEO Gary Nagle said in a letter to Tech’s board of directors that “as a modification to the proposed transaction, we are prepared to introduce a cash component to buy out shareholders from coal exposures. There is,” he said.The second proposal would give Teck shareholders 24% of the total metals business and $8.2 billion for the coal business.available for saleApril 16th, Norman Keebill Releases Statement He suggested that he was open to selling Teck’s metals business, but not before it split into two companies.

“There are a number of mining players interested in partnering with or investing in Tech Metals after they have focused on Tech and separated their base metals and steelmaking coal businesses,” Keevil said. “Whether it is a partnership, merger, acquisition or sale, we will support transactions with the right partners on the right terms for post-separation Teck Metals. Based on our experience, we believe that pursuing a sale or merger transaction now would deprive shareholders of significant post-separation value.”Companies that have approached Teck about selling their metals business post-separation include: veil (United States: Veil), Anglo-American (United States: NGLOY)and Freeport-McMoran (United States: FCX).This story was originally Fintel.

The views and opinions expressed herein are those of the authors and do not necessarily reflect those of Nasdaq, Inc.

https://www.nasdaq.com/articles/teck-resources-shareholders-have-lots-to-think-about-as-spinoff-vote-approaches Teck Resources shareholders have a lot to think about as spinoff vote looms

Back to top button