Glencore says it is willing to improve $23bn bid for Teck Resources
Glencore has mentioned it’s keen to enhance its $23bn supply for Teck Assets if the Canadian mining firm’s board is ready to interact with it to debate within the deal.
In a letter addressed to Teck shareholders on Wednesday morning, Glencore chief govt Gary Nagle mentioned the Teck board had “constantly refused any engagement”.
“Glencore has by no means acknowledged that its proposal is ‘greatest and remaining’,” Nagle wrote. “We imagine that with engagement, we might enhance our proposal’s phrases and worth, which might be in the perfect pursuits of all Teck shareholders.”
Earlier this month the Swiss-based commodities buying and selling firm proposed to accumulate Teck Assets, merge the 2 firms, then break up then right into a coal and metals enterprise.
Teck’s board unanimously rejected Glencore’s bid, in addition to an improved supply, saying the proposal was a “non-starter”.
Teck’s shareholders will vote on April 26 whether or not to approve the corporate’s earlier plan to separate itself in two — a vote that’s more and more seen as an oblique referendum on Glencore’s supply.
Wednesday’s public letter is the primary time that Glencore has addressed Teck’s shareholders instantly, whereas beforehand it had addressed the board.