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Teck's base metals business attracts offers from Freeport, Vale, Anglo

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Canadian copper miner Teck Resources Ltd has been approached by mining companies including Vale SA , Anglo American Plc and Freeport-McMoRan Inc to explore deals for its base metals business if a planned split of the company happens, sources close to the matter told Reuters on Sunday.

Freeport, Vale and Anglo American declined to comment.its $22.5 billion all-share takeover bid for Teck to include up to $8.2 billion in cash, but Teck's board called it "largely unchanged".

Teck has repeatedly rejected Glencore's offer of merging the companies and subsequently spinning off their combined thermal and steel-making coal businesses, saying it would expose shareholders to thermal coal, oil, LNG and related sectors. It has instead urged its investors to vote for a restructuring proposal which will see it spin off its highly polluting coal business and focus on production of copper.Influential proxy advisor Institutional Shareholder Services on Thursday advised shareholders to reject Teck's restructuring plan on uncertainties and structural issues.

Large investors often follow the recommendations of proxy advisory firms including ISS and its smaller rival Glass Lewis.Reporting by Lavanya Ahire in Bengaluru; Editing by Sandra Maler

 

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