Investment manager Letko Brosseau & Associates Inc. will vote in favour of Teck Resources Ltd.'s plan to split the company, saying it will ultimately offer more value for shareholders than a Glencore Plc takeover.
Glencore originally offered to buy Teck for US$23 billion in shares, and earlier this month revised its proposal to give Teck shareholders an option to receive as much as US$8.2 billion in cash instead of stock in a spun-off coal company. Letko said the coal number is “extremely low.” Representatives from Letko Brosseau have spoken to Teck and met Glencore, Letko said. The company has owned shares of the Vancouver-based miner for at least 20 years and currently holds about 3.6 million shares, he said.
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