{"id":18797,"date":"2023-04-21T07:39:23","date_gmt":"2023-04-21T07:39:23","guid":{"rendered":"http:\/\/lynettelockhart.com\/client\/norway-sovereign-fund-backs\/"},"modified":"2023-04-21T07:43:08","modified_gmt":"2023-04-21T07:43:08","slug":"norway-sovereign-fund-backs","status":"publish","type":"post","link":"http:\/\/lynettelockhart.com\/client\/norway-sovereign-fund-backs\/","title":{"rendered":"Norway sovereign fund backs Teck Resources in battle with Glencore"},"content":{"rendered":"<p>OSLO (Reuters) -Norway&#8217;s sovereign wealth fund, one of the world&#8217;s largest investors, said on Friday it will support a plan by Canadian miner Teck Resources to spin off its metallurgical coal business and focus on copper and zinc.<\/p>\n<p>By voting in favour of the Teck board&#8217;s proposed spin-off at a meeting of shareholders on April 26, the Norwegian fund implicitly rejected Swiss miner Glencore&#8217;s attempted takeover of the Canadian group.<\/p>\n<p>Glencore on Wednesday said it was willing to improve its $22.5 billion offer for Teck, raising pressure on the Canadian miner to ditch a restructuring plan and sit down at the negotiating table.<\/p>\n<p>But the Norwegian sovereign wealth fund, which does not own shares in Glencore due to the Swiss company&#8217;s large thermal coal business, said it would vote in favour of Teck&#8217;s plan.<\/p>\n<p>The Norwegian fund at the end of 2022, the last available data, owned a 1.48% stake in Teck Resources worth $287 million, while its share of voting rights under the miner&#8217;s dual-class share structure stood at 0.59%.<\/p>\n<p>Glencore had last week proposed to introduce a cash component to its previous all-share bid for Teck in an effort to convince those investors who prefer a full thermal coal exit to support its proposal.<\/p>\n<p> (Reporting by Terje Solsvik, editing by Essi Lehto)<\/p>\n<p><a href=\"http:\/\/lynettelockhart.com\/client\/norway-sovereign-fund-backs\/file-photo-prospectors-and-developers-association-of-canada-pdac-annual-3\/\"><img decoding=\"async\" src=\"http:\/\/lynettelockhart.com\/client\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportBusinessNews\/tagreuters.com2023binary_LYNXMPEJ3K06I-VIEWIMAGE.jpg\" alt=\"tagreuters.com2023binary_LYNXMPEJ3K06I-VIEWIMAGE\"><\/a><\/p>\n<p><a href=\"http:\/\/lynettelockhart.com\/client\/norway-sovereign-fund-backs\/file-photo-a-general-view-of-the-norwegian-central-bank\/\"><img decoding=\"async\" src=\"http:\/\/lynettelockhart.com\/client\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportBusinessNews\/tagreuters.com2023binary_LYNXMPEJ3K06K-VIEWIMAGE.jpg\" alt=\"tagreuters.com2023binary_LYNXMPEJ3K06K-VIEWIMAGE\"><\/a><\/p>\n<p><a href=\"http:\/\/lynettelockhart.com\/client\/norway-sovereign-fund-backs\/file-photo-glencores-mount-owen-coal-mine-site-in-ravensworth\/\"><img decoding=\"async\" src=\"http:\/\/lynettelockhart.com\/client\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportBusinessNews\/tagreuters.com2023binary_LYNXMPEJ3K06L-VIEWIMAGE.jpg\" alt=\"tagreuters.com2023binary_LYNXMPEJ3K06L-VIEWIMAGE\"><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>OSLO (Reuters) -Norway&#8217;s sovereign wealth fund, one of the world&#8217;s largest investors, said on Friday it will support a plan by Canadian miner Teck Resources to spin off its metallurgical coal business and focus on copper and zinc. By voting in favour of the Teck board&#8217;s proposed spin-off at a meeting of shareholders on April [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":18798,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":""},"categories":[1213],"tags":[1223],"class_list":["post-18797","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_LYNXMPEJ3K06I-VIEWIMAGE.jpg","_links":{"self":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/18797","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=18797"}],"version-history":[{"count":2,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/18797\/revisions"}],"predecessor-version":[{"id":18816,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/18797\/revisions\/18816"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media\/18798"}],"wp:attachment":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media?parent=18797"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/categories?post=18797"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/tags?post=18797"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}