Teck and the Keevil family: Canadian nationalism’s fraught last resources battle
: the last big diversified mining company standing in the graveyard of Canadian mining companies.
The second part of the deal would see Glencore and Teck create a separate company that would hold all of their coal assets. Teck had the same idea, one that is well advanced. It plans to spin off its metallurgical coal division into a separate company called Elk Valley Resources. The deal goes to shareholders on April 26 and requires two-thirds of both the Class A shares, with 100 votes each, and the single-vote Class B shares to be put into motion.
Glencore seems to have underestimated Mr. Keevil’s desire to keep Teck in Canadian hands. Mr. Keevil seemed immune to Glencore’s arguments that the merger would unlock a lot of value, that MetalsCo would be run from Toronto or Vancouver and that Glencore has more operating asset in Canada than Teck.
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