Shareholders will decide on Wednesday whether to approve the company’s planned split into Teck Metals and Elk Valley Resources
Shareholders will decide on
Wednesday whether to approve the company’s planned split into Teck Metals, which would hold its critical minerals mines, and Elk Valley Resources, which will hold its metallurgical coal. At least two thirds of votes cast by shareholders must be in favour for the vote to succeed.hostile US$22.5-billion takeover proposal.
At the moment, the outcome of the vote is uncertain, with several large institutional shareholders saying they will vote in favour, and others saying they will do the opposite.Teck has the best information on where it stands, but Glencore has a good idea as well. Unlike a presidential race in the United States, the vast majority of investors vote in advance of the shareholder meeting. Teck has a live running tally of the vote from its proxy solicitation firm Kingsdale Advisors. Glencore is not privy to this information, but it still has a solid back-of-the-envelope calculation on where it stands.
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