Teck Resources Ltd.’s controlling shareholder Norman B. Keevil was in the dark about which way China Investment Corp. (CIC) voted in its proposed split vote, with only about 12 hours to go before the start of the shareholder meeting, a source familiar with the matter said.
The Globe and Mail is not identifying the source as the person was not authorized to speak publicly. Mr. Keevil declined to comment. Mr. Keevil, along with Japan’s Sumitomo Metal Mining Co., controls the super voting A shares. CIC is Teck’s biggest B shareholder with a 10.3-per-cent stake.
Vancouver-based Teck on Wednesday said it is not proceeding with its planned split, after not gathering enough votes to secure the transaction.Teck has not revealed whether CIC voted for or against the transaction, or whether it abstained.
The Globe reported earlier in the week that CIC was running the risk of missing the proxy deadline to vote which was Monday at noon PDT, and Teck’s advisers were baffled as to the reason why. The failure of the split vote is a huge win for Glencore PLC, which has been campaigning to stop Teck’s shareholders from voting for the split, and instead accept its hostile takeover offer.
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