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Glencore sweetens takeover bid for Canadian miner Teck Resources

By Scott Kanowsky 

Investing.com -- Toronto-listed shares in Teck Resources (TSX:TECKa) gained after Glencore PLC (LON:GLEN) sweetened its takeover offer for the Canadian miner in an effort to persuade the company's shareholders to back the unsolicited bid.

Glencore said it will give Teck's stakeholders 24% of an industrial metals-focused entity that would be created by the deal, along with $8.2 billion in cash that could be used to buy the equity holders' stake in a coal-focused spin-off.

The revised offer from the FTSE 100-listed Glencore adds CAD 263 million (CAD 1 = $0.7418) to Teck's market capitalization. Glencore called its bid "compelling," saying it would add "material value" for both companies' shareholders.

However, Glencore acknowledged that some Teck investors "may prefer a full coal exit and others may not desire thermal coal exposure."

Tuesday's move comes after Teck Chief Executive Jonathan Price said in an interview with the Financial Times that Glencore's takeover push is a "non-starter." Price argued that the best option for Teck would be for the group to instead split into a steelmaking coal business and metals miner.

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