By Canadian Press

Teck Resources rejects unsolicited takeover offer from Glencore

Apr 3, 2023 | 5:27 AM

VANCOUVER — Teck Resources Ltd. says it has rejected an unsolicited takeover offer from Glencore.

Teck board chair Sheila Murray says it is not contemplating a sale of the company at this time.

Teck announced a plan earlier this year to split the company in two, separating its steelmaking coal business from its base metals operations.

Murray says the board believes the company’s plan creates a greater spectrum of opportunities to maximize value for Teck shareholders.

Teck says the offer from Glencore was for 7.78 Glencore shares for each Teck class B subordinate voting share and 12.73 Glencore shares for each Teck class A share, a 20 per cent premium for both on the date of the offer.

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Teck CEO Jonathan Price says the proposal would expose Teck shareholders to a large thermal coal business, an oil trading business and significant jurisdictional risk, all of which he says would hurt the value potential of Teck’s business.

This report by The Canadian Press was first published April 3, 2023.

Companies in this story: (TSX:TECK.B, TSX:TECK.A)

The Canadian Press