Canada's Teck Resources on Monday reinforced its rejection of an unsolicited $22.5 billion bid from Glencore , saying the implied value was 'an illusion' and telling shareholders its restructuring plan was the only viable option.
, saying the implied value was "an illusion" and telling shareholders its restructuring plan was the only viable option.' thermal and steelmaking coal businesses and rebrand the remaining company as GlenTeck.
"A vote against the separation is a vote to maintain the status quo at Teck, and there is no path that includes Glencore acquiring Teck," Price said. Analysts had last week seen room for an higher offer from Glencore to sway Teck shareholders in its favour. The structural flaws would include having an oil marketing business within the base metals vehicle and exposing its shareholders to a big thermal coal business, Teck said last week.
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