Canadian copper miner Teck Resources' biggest shareholder, China Investment Corp (CIC), has backed Glencore's takeover offer, which would allow investors to exit their coal exposure for cash, Bloomberg News reported on Friday.
takeover offer, which would allow investors to exit their coal exposure for cash, Bloomberg News reported on Friday.
CIC, which owns a little over 10% of Teck's Class B shares, favors the proposal for the coal assets as it would allow for a cleaner exit for investors, the report said, citing people familiar with the matter.Teck has repeatedly rejected Glencore's offer of merging the companies and subsequently spinning off their combined thermal and steel-making coal businesses, saying it would expose shareholders to thermal coal, oil, LNG and related sectors.
It has instead urged its investors to vote for a restructuring proposal which will see it spin off its highly polluting coal business and focus on production of copper.Reporting by Mrinalika Roy in Bengaluru; Editing by Arun Koyyur
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