Conservatives oppose potential Teck Resources takeover by Glencore
A trio of Conservative MPs called on Prime Minister Justin Trudeau and the federal government to be more responsive to attempts by Swiss-based Glencore to take over Canadian mining giant Teck Resources Ltd. through a shareholder deal.
“Conservatives believe that Glencore’s proposals in it’s two takeover bids for Teck Resources are not in the best interests of Canada and do not meet environmental and ethical standards we expect,” said Perkins. “Conservatives oppose Glencore’s attempt to acquire Teck Resources and call on the Liberals to ensure their proposal is rejected.”
The letter was jointly signed by Liberal cabinet ministers Chrystia Freeland, François-Philippe Champagne and Jonathan Wilkinson. Earlier this week, Teck Resources Ltd. withdrew a separation proposal where shareholders were asked to consider a plan to spin off the coal operations into a new company, Elk Valley Resources.
Perkins specifically noted that there are regulatory tools the federal government can employ whenever a company valued at $1.3 billion or more is taken over by a foreign corporation. Teck was also hailed for financially supporting community issues and infrastructure, while the company’s environmental record was also noted, in spite of ongoing water quality issues in the Elk Valley.
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