{"id":15960,"date":"2023-05-02T10:44:42","date_gmt":"2023-05-02T10:44:42","guid":{"rendered":"http:\/\/lynettelockhart.com\/client\/glencore-in-hot-pursuit\/"},"modified":"2023-05-02T11:02:47","modified_gmt":"2023-05-02T11:02:47","slug":"glencore-in-hot-pursuit","status":"publish","type":"post","link":"http:\/\/lynettelockhart.com\/client\/glencore-in-hot-pursuit\/","title":{"rendered":"Glencore in hot pursuit of Teck as it seeks copper assets"},"content":{"rendered":"

(Reuters) – Canadian Prime Minister Justin Trudeau said in an interview to Bloomberg Television last week that any takeover bid for Teck Resources Ltd would have to get through a “rigorous process” to get consent from the government.<\/p>\n

Here is a snapshot of key events in the saga so far.<\/p>\n

Date Development <\/p>\n

March Glencore privately offers to merge with Teck <\/p>\n

26 Resources in a $22.5 billion all-share deal. <\/p>\n

April Teck rejects Glencore’s offer citing reluctance to <\/p>\n

3 expose its shareholders to thermal coal, oil, LNG and <\/p>\n

related sectors. <\/p>\n

April Teck Chief Executive Jonathan Price reinforces the <\/p>\n

10 rejection of Glencore’s unsolicited bid and tells <\/p>\n

shareholders that Teck’s restructuring plan is the <\/p>\n

only viable option. <\/p>\n

Reuters reports that Glencore Chief Executive Gary <\/p>\n

Nagle plans to personally meet some Canadian <\/p>\n

shareholders of Teck to get their support for the <\/p>\n

merger. <\/p>\n

April Glencore modifies its $22.5 billion all-share <\/p>\n

11 takeover bid to include up to $8.2 billion in cash, <\/p>\n

which Teck’s board dubs “largely unchanged”. <\/p>\n

April Several Teck shareholders ask Glencore to sweeten its <\/p>\n

12 takeover bid. <\/p>\n

April Teck rejects the improved bid and tweaks its own <\/p>\n

13 restructuring plan to allow for an earlier full <\/p>\n

separation of its metals and coal divisions. <\/p>\n

Influential proxy advisor Institutional Shareholder <\/p>\n

Services (ISS) advises shareholders to reject Teck’s <\/p>\n

restructuring plan on uncertainties and structural <\/p>\n

issues. <\/p>\n

April Bloomberg News reports that Teck’s biggest <\/p>\n

14 shareholder China Investment Corp (CIC) favors <\/p>\n

Glencore’s revised offer as it allows investors to <\/p>\n

exit their coal exposure for cash. <\/p>\n

April Bloomberg News reports that Advisory firm Glass Lewis <\/p>\n

15 has recommended to its shareholders to vote against <\/p>\n

Teck’s plan to spin off its coal segment. <\/p>\n

April Vale SA, Anglo American Plc and Freeport-McMoRan Inc, <\/p>\n

16 among others, approach Teck to explore deals for its <\/p>\n

base metals business if the spinoff takes places, <\/p>\n

sources tell Reuters. <\/p>\n

Teck’s Chairman Emeritus Norman Keevil says he would <\/p>\n

support deals for the base metals business of Teck <\/p>\n

post spinoff. <\/p>\n

April A source tells Reuters that Glencore’s executives <\/p>\n

17 have met or spoken with some 120 Teck shareholders to <\/p>\n

win support for their takeover bid. <\/p>\n

Teck denies media reports that stated its largest <\/p>\n

shareholder CIC favored the Glencore deal. <\/p>\n

April Teck CEO Price again advises shareholders to back the <\/p>\n

18 spinoff in a hastily arranged conference call after <\/p>\n

skipping the World Copper Conference in Chile. <\/p>\n

April In an open letter, Glencore says it is willing to <\/p>\n

19 improve the $22.5 billion bid and will consider <\/p>\n

taking the offer directly to shareholders if Teck’s <\/p>\n

board refuses to discuss the deal. <\/p>\n

Teck says Glencore is seeking to frustrate the vote <\/p>\n

and pre-empt a competitive future landscape. Teck <\/p>\n

reiterates its recommendation that shareholders vote <\/p>\n

for a planned spin-off. <\/p>\n

Teck shareholder Waratah Capital Advisors says it has <\/p>\n

voted against the restructuring plan. As of March 7, <\/p>\n

the asset management firm held about 2.3 million <\/p>\n

class B subordinated voting shares. <\/p>\n

April Norway’s sovereign wealth fund, one of the world’s <\/p>\n

21 largest investors, says it would support Teck’s <\/p>\n

spinoff proposal. <\/p>\n

April Canadian Finance Minister Chrystia Freeland says Teck <\/p>\n

24 should remain headquartered in Canada amid the merger <\/p>\n

talk. <\/p>\n

April Teck withdraws its proposed restructuring proposal <\/p>\n

26 ahead of a shareholder vote on the plan. <\/p>\n

Canada’s Prime Minister Justin Trudeau <\/p>\n

says <\/p>\n

April in an interview to Bloomberg Television <\/p>\n

28 that any potential takeover of Teck would need to get <\/p>\n

through a “rigorous process” to win government <\/p>\n

approval. <\/p>\n

\n

\n

(Reporting by Sourasis Bose in Bengaluru; Editing by Shilpi Majumdar and Sriraj Kalluvila)<\/p>\n

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(Reuters) – Canadian Prime Minister Justin Trudeau said in an interview to Bloomberg Television last week that any takeover bid for Teck Resources Ltd would have to get through a “rigorous process” to get consent from the government. Here is a snapshot of key events in the saga so far. Date Development March Glencore privately […]<\/p>\n","protected":false},"author":8,"featured_media":15961,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":""},"categories":[1213],"tags":[1223],"class_list":["post-15960","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-u-s-business","tag-updated"],"jetpack_featured_media_url":"http:\/\/lynettelockhart.com\/client\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportBusinessNews\/tagreuters.com2023binary_LYNXMPEJ3I0ER-VIEWIMAGE.jpg","_links":{"self":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/15960","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/comments?post=15960"}],"version-history":[{"count":4,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/15960\/revisions"}],"predecessor-version":[{"id":30778,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/15960\/revisions\/30778"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media\/15961"}],"wp:attachment":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media?parent=15960"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/categories?post=15960"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/tags?post=15960"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}