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The patriarch of the family that controls Teck Resources Ltd. says he has no intention of allowing the sale of Canada’s biggest diversified miner to a much larger Swiss competitor because he says the company must remain in Canadian hands.
On Monday, Glencore unveiled an unsolicited all-share takeover proposal for Teck worth US$23.1-billion, which was a 22-per-cent premium to the Vancouver-based mining company’s close on Friday. Teck’s board said in a statement that it had no interest in being acquired, calling the offer “opportunistic,” not environmental, social and governance (ESG) friendly, and fraught with execution risk.
Glencore is unable to consummate the deal unless Norman B. Keevil, chairman emeritus of Teck, gives it his blessing because of the stranglehold he has on Teck’s Class A shares, which carry 100 votes per share.
While Mr. Keevil said in a media release early Monday that he was opposed to the takeover offer, Glencore said it hoped to bring him around over the next few weeks as it faces a deadline to get the deal done.
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