Teck Resources Ltd. urged investors to support its plan for splitting into two businesses at a vote later this month, reiterating opposition to an alternative…
Glencore’s offer to acquire Teck and then spin off the coal businesses “is a departure from reality,” Teck Chief Executive Officer Jonathan Price said in a Monday call with investors. “There is no path to a deal with Glencore.”Start your day with a roundup of B.C.-focused news and opinion delivered straight to your inbox at 7 a.m., Monday to Friday.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc.
Teck’s dual-class share structure means any takeover bid requires support of Canada’s Keevil family, whose patriarch has indicated he will not sell to Glencore at any price. However, other shareholders have an opportunity to block Teck’s plan announced in February to split the company at an April 26 vote.Article content
With a little more than two weeks before the vote, Teck and Glencore each have a tight deadline to win over investors. Teck’s separation requires two-thirds support from both categories of “supervoting” and regular shares, meaning that shareholders with just a small percentage of the total voting rights could have the power to scupper the plan and throw its future into question.
“The choice is clear: either vote for a separation that creates two companies with a broad spectrum of opportunities to maximize value, or vote to maintain the status quo,” Price said on Monday’s call. Price reiterated that Glencore’s proposal would give shareholders exposure to thermal coal and oil trading. He called the larger company an “unsuitable acquirer” because of the risks involved in its business.
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