Teck Resources Ltd. chief executive officer Jonathan Price played down any notion of its metals business being quickly acquired by a big foreign multinational after a planned split of the company, as the Canadian miner rejected Glencore PLC’s latest hostile takeover offer.
Vancouver-based Teck said earlier this year that it plans to separate into Elk Valley Resources, containing its metallurgical coal assets, and Teck Metals, holding its copper and zinc mines.
“There will be opportunities to create value in the short term, medium term and long term with respect to Teck Metals, and much of that value can be created through the development of projects that we have in our copper growth pipeline,” Mr. Price said in an interview with The Globe and Mail.
When asked if he was ruling out an acquisition of the company during that time frame, he said the board will continue to consider proposals that are in the best interests of shareholders. However, almost unique amongst Canadian companies, Mr. Price and Teck’s board are not in control of the company’s destiny. Teck’s controlling shareholder, Norman B. Keevil, who has a lock on the company’s super-voting A shares, which carry 100 votes apiece, has most of the power.
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