B.C.’s Teck Resources rejects latest Swiss takeover bid
Teck Resources Ltd.’s board of directors has rejected the latest takeover offer from Swiss company Glencore.
Glencore revised its unsolicited offer for Teck earlier this week to include an US$8.2-billion cash component. The proposal would see Teck shareholders receive 24 per cent of the combined metals company and cash.Teck board chair Sheila Murray said the company’s own plan “creates a significantly greater spectrum of opportunities to maximize value for Teck shareholders.”
Teck is controlled by the Keevil family which owns the company’s class A shares together with Japanese company Sumitomo.
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