Earlier in the day, Glencore announced it is modifying its hostile takeover offer for Teck Resources Ltd. to include an US$8.2\u002Dbillion cash component to its…
Teck said its board will review and evaluate the offer, but nevertheless believes it is “largely unchanged” from the original bid.
Teck has repeatedly said the Glencore combination would expose its shareholders to the risk of a large thermal coal business and also the seemingly incongruous combination of an oil marketing division with a base metals business.Article content “This revised proposal from Glencore helps, but we continue to expect a bump as we believe the premium offered so far is not high enough to get strong support from Teck’s Class B shareholders,” said Jefferies analyst Chris LaFemina.
Reuters on Monday reported that Glencore Chief Executive Gary Nagle plans to meet with some of Teck’s Canadian shareholders in Toronto on Thursday to personally lobby them for support.
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