Teck Resources Ltd.’s controlling shareholder rejected Glencore’s bid to buy the Canadian miner, but said he was open to discussing other possible deals after the company completes its own business spin-off plan.
Norman Keewell, chairman emeritus of Teck Resources, said Glencore was wrong to make a proposal at the wrong time.
Teck’s board rejected Glencore’s unsolicited offer that would have given shareholders a stake in the combined metals company with an option for cash or a stake in the company holding the combined coal assets.
Instead, the company is pursuing a plan announced in February to split its metals and steelmaking coal business into two companies, Teck Metals and Elk Valley Resources. The proposal will be voted on by shareholders later this month.
Keevil said he would support a deal with the right partner — whether it be an operating partnership, merger, acquisition or sale — and Teck Metals would do so on the right terms after the separation occurred.
Teck Resources is controlled by the Keevil family, which together with Japan’s Sumitomo Corporation owns Class A shares in the company.