Glencore to continue wooing shareholders, despite board saying no to merger
Glencore, the Swiss mining and commodities trading giant, is not taking no for an answer from Teck Resources on a US$23 billion merger proposal that Teck’s board of directors publicly rejected this morning.
Glencore is still hoping that Teck’s wider shareholder base and Norman Keevil – a key stakeholder — will consider the offer before an April 26 special meeting, at which Teck’s shareholders are to approve a schism that will split Teck into two companies – one for its metallurgical coal business and one for its metals business – and phase out its dual class structure.
The offer Glencore is making creates better value for shareholders all around than the one Teck is currently proposing, Glencore CEO Gary Nagle said in a teleconference this morning, following Teck’s rejection of Glencore’s offer.
“We encourage all Teck shareholders to look for a proposal that’s created the most value for all of them and we believe ours creates significantly more value than the transaction being proposed by Teck,” Angle said.
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