Teck Resources Ltd. says it has received an unspecified number of"indications of interest" for potential deals on a spinoff of its coal assets as it seeks alternatives to the unsolicited takeover bid being pushed by Glencore.
Vancouver-based Teck's original plan to do so was disrupted when Swiss commodities giant Glencore swooped in with an alternative plan in early April. The offer, which was later sweetened to add more of a cash component, would see shareholders receive a stake in a combined metals company, as well as a choice of cash or shares in a company that would hold their merged coal assets.
"Teck’s Board will appropriately consider and evaluate any proposal that can unlock the tremendous potential of Teck’s premium businesses," said board chair Sheila Murray in a statement. The company is keen to expand its copper and zinc production to meet growing global demand for these metals, both of which are used in the production of electric vehicles and are considered to be key resources for the coming energy transition.
Teck chairman emeritus Norman Keevil has said Glencore's proposal is the wrong one, at the wrong time, but that he is open to talking about other possible deals once the company completes its own plan to split its business.
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