Teck CEO confident biggest B shareholder China Investment Corp. will support split, not side with Glencore – by Naill McGee (Globe and Mail – April 18, 2023)


Teck Resources Ltd. chief executive officer Jonathan Price expressed confidence its biggest B-shareholder, China Investment Corp. (CIC), will vote for the Canadian miner’s proposed split and not back Glencore’s hostile takeover proposal, as he battles to correct misinformation that has seeped into the market.

Mr. Price disputed a Bloomberg news article on Friday that cited unnamed sources who claimed CIC was leaning toward voting down Teck’s split. The article, which did not carry a byline, also claimed that Glencore executives had already spoken with CIC executives about the matter.

“I spoke with CIC last night, and they’ve confirmed to me that they have not met with Glencore, and that the media reports are false,” Mr. Price said in an interview with The Globe and Mail.

Glencore declined to comment on whether it had met with CIC. CIC did not respond to a request for comment. So far, few B shareholders with significant stakes in Teck have made their positions clear on which way they will vote. British-based Egerton Capital last week told The Globe that it is intending to vote for Teck’s planned split.

For the rest of this article: https://www.theglobeandmail.com/business/article-teck-glencore-china-investment-corp/