Glencore said it was prepared to bypass Teck’s management and go directly to the company’s shareholders. It said it would improve on its US$23.2-billion bid if Teck’s shareholders voted against the company’s separation proposal.
“We didn’t proceed with the vote so we won’t have final numbers on a voting result, but our tracking showed that we weren’t going to achieve the 66 and two-third per cent threshold that we needed for approval in this instance,” he said. “I won’t comment on the voting positions of individual shareholders through this process however, overwhelmingly the feedback that we have received is a separation was favoured.”its metals and coal businesses.
for about 60 per cent of its revenue, though it has been trying to rebalance its portfolio to produce more metals.Article contententered the picture. The Swiss mining giant said that it wants to take over Teck and undergo its own separation. Glencore, which posted a revenue of about US$250 billion last year compared to Teck’s US$13 billion, produces an array of commodities including, gold, copper, cobalt, zinc, nickel, oil and coal.
Teck accused Glencore of being “opportunistic” by trying to scoop up the Canadian company right before it attempted to boost market value through its separation plan. Teck added the deal would expose shareholders to thermal coal and oil trading, going against the company’s objective of moving towards producing commodities that support the energy transition.