Pierre Lassonde is planning to buy a stake in Teck Resources Ltd.’s spinoff coal company to protect it from a foreign takeover. Read more.
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Teck has valued the spinoff company, Elk Valley Resources, at $11.5 billion and its shares would be listed on the Toronto Stock Exchange on June 6, the newspaper said.Article content “I believe Elk Valley is fantastic, long-term value and I want this world-class asset to remain Canadian,” Lassonde told the newspaper.
Lassonde said he was surprised Elk Valley did not have a significant Canadian shareholder who could block a takeover attempt and he is now trying to put together a group of investors to buy between 10 per cent to 20 per cent of the company. He told the newspaper he intends to to put up more than a third of the cash to buy up to $300 million of Elk Valley shares.
Teck owns four copper mines in South America and Canada that produced 270,000 tons last year. The company expects to double copper output after the second phase of its Quebrada Blanca project in Chile ramps up to full capacity by the end of this year. It also owns coking coal mines, considered the crown jewel of its holdings.
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