Letko Brosseau to vote in favour of Teck's plan to split company - BNN Bloomberg

Investment manager Letko Brosseau & Associates Inc. will vote in favour of Teck Resources Ltd.'s plan to split the company, saying it will ultimately offer more value for shareholders than a Glencore Plc takeover.

Glencore originally offered to buy Teck for US$23 billion in shares, and earlier this month revised its proposal to give Teck shareholders an option to receive as much as US$8.2 billion in cash instead of stock in a spun-off coal company. Letko said the coal number is “extremely low.” Representatives from Letko Brosseau have spoken to Teck and met Glencore, Letko said. The company has owned shares of the Vancouver-based miner for at least 20 years and currently holds about 3.6 million shares, he said.

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Key shareholder Sumitomo to vote in favour of Teck plan to split business - BNN BloombergSumitomo Metal Mining, a key shareholder at Teck Resources Ltd., says it will vote in favour of the company's plan to separate its metals and steelmaking coal operations into two companies. I love how coal producers, and regions dependent on coal exports, are very very careful to identify as “steelmaking coal”. The overwhelming majority of metallurgical coal ends up used to generate heat, with the Carbon in the atmosphere, not as a component of the steel.
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