Teck Resources Board Reiterates Support for Steelmaking Business Spinoff
April 10 2023 - 7:22AM
Dow Jones News
By Adriano Marchese
Teck Resources Ltd. said it continues to urge company
shareholders to approve the reorganization of its business after
rejecting an unsolicited $23-billion takeover offer from
Swiss-based Glencore PLC.
The Canadian miner said Monday that its board of directors
continues to unanimously recommend shareholders approve the plan to
spin off its steelmaking coal business to shareholders, creating
two independent companies, Teck Metals Corp. and Elk Valley
Resources Ltd. The two new companies would focus on base-metals
production and steelmaking coal production, respectively.
Last week, Teck rejected the all-share offer from Glencore,
citing exposure to a large thermal coal business, oil trading and
increase the risk of operating in difficult jurisdictions.
Teck said Monday that its pending separation allows shareholders
to tap into more value through a growth-oriented producer of energy
transition metals and through the high-margin steelmaking coal
business.
The reorganization also would include the introduction of a
six-year sunset for the multiple voting rights attached to the
class A common shares in the company.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
April 10, 2023 07:07 ET (11:07 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
Glencore (PK) (USOTC:GLNCY)
Historical Stock Chart
From Oct 2024 to Nov 2024
Glencore (PK) (USOTC:GLNCY)
Historical Stock Chart
From Nov 2023 to Nov 2024
