In an open letter pitched Wednesday morning to Teck’s Class B shareholders, who own almost all the equity but few of the votes, Glencore CEO Gary Nagle said that, should the vote go against Teck, his company would open negotiations directly with shareholders.
Mr. Nagle’s new pitch came exactly one week ahead of the Teck vote, which requires two-thirds approval by both the Class A and Class B shareholders to succeed. If Teck wins the vote Teck would place is copper and zinc assets in a metals-focused company and spin off its metallurgical coal business, which would pay most of its cash flow to the metals company for a number of years.
Mr. Nagle has said that Glencore’s bid probably would collapse if Teck were to win the vote. Glencore has offered to merge its metals assets with those of Teck’s, then form a separate company that would hold the two companies’ thermal and metallurgical coal businesses. The offer was delivered last month at a 20 per cent premium.
The Teck board has refused to negotiate with Glencore and has rejected the company’s opening merger offer as well as sweetened offered that proposed buying out for cash any Teck shareholders who did not want equity exposure to the new coal company.
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