Canada's Teck Resources on Monday doubled down on its push to reject an unsolicited $22.5 billion bid from Glencore Plc citing 'fundamental flaws' in the offer and urged shareholders to instead vote for a restructuring.
The Swiss miner's buyout bid, which was made public last week, includes a plan to simultaneously spin off the thermal and steelmaking coal businesses and rebrand the remaining company as GlenTeck.Teck said its board has rejected the offer as Glencore did not present a coherent plan for its proposed coal company, adding that the deal would expose its shareholders to thermal coal, oil, LNG and related sectors.
"Fundamental flaws of Glencore's proposal make it a non-starter and Glencore's track record makes it an unsuitable acquirer," Teck said ahead of an investor call on Monday. The company once again said more value could be unlocked through a proposed restructuring in which the Vancouver-based miner would spin off its steelmaking coal unit to focus on copper and other industrial metals.The company said such a separation is the best option for shareholders as it maximizes value, minimizes execution risk and has no competition or regulatory hurdles, with completion expected by the end of May.
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