at the eleventh hour because it lacked support, in part because it was too fiddly, with cash flow from its coal unit helping its metals business excavate copper for a while. Boss Jonathan Price and controlling shareholder Norman Keevil also are rejecting Plan B, an even more intricate, all-share $24 billion takeover bid from Glencore
. If Teck doesn’t come up with a persuasive third option, and soon, it is likely to face increased pressure to sell. Teck vowed to come back with a “simpler and more direct” separation proposal. One challenge will be how to fund metals production. Bringing in an outside backer would muddy the promise of an uncomplicated breakup.
, or even a sweetened one. Keevil’s blocking stake is an obvious impediment, but if Plan C doesn’t fly, Plan B will look more compelling.
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: Reuters - 🏆 2. / 97 Read more »
Source: Reuters - 🏆 2. / 97 Read more »