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Teck approached by other companies while fending off Glencore offers -Globe and Mail

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Teck Resources Ltd has been approached by a unit of Vale SA , Anglo American Plc and Freeport-McMoRan Inc to explore deals if a planned split of the company happens, The Globe and Mail reported on Sunday, citing two sources familiar with the discussions.

that would involve combining and spinning off the thermal and steelmaking coal businesses of both companies.

The Swiss mining company has offered Teck shareholders 24% of the combined metals group and up to $8.2 billion in cash for those who may not want exposure to thermal coal. Two proxy shareholder advisory firms have recommended that Teck Resources shareholders vote against the planned split.Teck's restructuring plan. On Saturday, Bloomberg News reported that Glass Lewis also asked Teck Resources shareholders to vote against Teck's plan to spin off its coal business.

Teck has received expressions of interest from at least half a dozen major mining companies, who are interested in various transactions post-split, the Globe and Mail added. Teck declined to comment on the report. Freeport did not immediately respond to Reuters requests for comment, while Vale and Anglo American also declined to comment.

 

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