Teck's base metals business attracts offers from Freeport, Vale, Anglo - sources

April 17, 2023 09:50 AM AEST | By Reuters
Follow us on Google News:

(Updates with Teck's response)

By Mrinmay Dey

April 16 (Reuters) - Canadian copper miner Teck Resources Ltd has been approached by mining companies including Vale SA, Anglo American Plc and Freeport-McMoRan Inc to explore deals for its base metals business if a planned split of the company happens, sources close to the matter told Reuters on Sunday.

Teck has received expressions of interest from more than six mining companies, which are interested in several other transactions after the split, according to the sources.

These approaches from international miners come as the Vancouver-based miner is fending off unsolicited bids from Glencore Plc.

A spokesperson from Teck said the company does not comment on market rumours or speculation.

Freeport, Vale and Anglo American declined to comment.

Glencore on Tuesday modified its $22.5 billion all-share takeover bid for Teck to include up to $8.2 billion in cash, but Teck's board called it "largely unchanged".

Teck has repeatedly rejected Glencore's offer of merging the companies and subsequently spinning off their combined thermal and steel-making coal businesses, saying it would expose shareholders to thermal coal, oil, LNG and related sectors.

It has instead urged its investors to vote for a restructuring proposal which will see it spin off its highly polluting coal business and focus on production of copper.

Teck investors will decide on the Canadian miner's restructuring plan on April 26.

Influential proxy advisor Institutional Shareholder Services (ISS) on Thursday advised shareholders to reject Teck's restructuring plan on uncertainties and structural issues.

Large investors often follow the recommendations of proxy advisory firms including ISS and its smaller rival Glass Lewis.

The Globe and Mail first reported interest in Teck's base metals business.

(Reporting by Mrinmay Dey and Lavanya Ahire in Bengaluru; Editing by Bill Berkrot and Sandra Maler)


The above content is directly sourced from Reuters under a contractual arrangement. The content is being provided as a convenience and for informational purposes only; and does not constitute an endorsement or approval by Kalkine Media of any of the products, services, or opinions of the organization or individual. The user is apprised that Kalkine Media bears no responsibility for the accuracy, legality, or content of Reuters, any external sites, or for that of subsequent links. The user is requested to contact Reuters directly for answers to questions regarding the content. Please note that Kalkine Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.

Top ASX Listed Companies

We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK