Teck Resources Ltd.\u0027s CEO Jonathan Price said Glencore Plc\u0027s proposal would destroy shareholder value. Find out more.
“The choice for our shareholders is to separate Teck Resources or maintain the status quo,” said Price. “There is no other transaction on the table at that meeting.”
Under the proposal, the Swiss group said it would spin out its own highly profitable coal business into a New York-listed company called “CoalCo” that would also house Teck’s metallurgical coal assets. A separate “MetalsCo” entity would include the industrial metals businesses of Glencore and Teck, as well as Glencore’s oil trading business.
The company also said investors would be introduced to “significant jurisdictional, [environmental, social and corporate governance] and execution risk,” referring to Glencore’s operations in the Democratic Republic of Congo and potential challenges with competition authorities.
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