Sumitomo rebuffs Glencore’s attempt to engage over attempted takeover of Teck Resources – by Niall McGee (Globe and Mail – April 6, 2023)

Sumitomo Metal Mining Co., a major holder of Teck Resources Ltd.’s super-voting Class A shares, is refusing even to take a meeting with Glencore PLC to discuss the Swiss mining giant’s unsolicited takeover proposal for Teck. Sumitomo and the Keevil family jointly control Teck’s Class A shares that carry 100 votes each. Unless both are on board with Glencore’s US$23.1-billion takeover proposal, it can’t move forward.

Earlier in the week, Keevil family patriarch Norman B. Keevil told The Globe and Mail that he had no interest in allowing Vancouver-based Teck to be sold to Glencore, no matter what the price.

Glencore CEO Gary Nagle said that he hoped to engage with Sumitomo to try to persuade the Japanese investor to back its takeover deal, even in the face of Mr. Keevil’s objections. But that gambit appears to have failed.

“Glencore reached out to Sumitomo, and Sumitomo told them, ‘We don’t take meetings,’ they won’t even talk to them,” said Pierre Lassonde, co-founder of Franco-Nevada Corp., the world’s biggest mining royalty company, and a friend of Mr. Keevil.

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