Reuters
Glencore offers cash to Teck shareholders in play for deal support
Glencore Plc on Tuesday modified its $22.5 billion all-share takeover bid for Teck Resources Ltd’s to include up to $8.2 billion in cash, but Teck’s board called it “largely unchanged” and analysts said it will need to rise further still. Glencore’s play for Vancouver-based Teck comes amid a rising wave of buyout offers for mines and mining companies that produce copper and other green energy transition minerals, as opposition to the construction of new mines grows across the globe. Teck has twice rejected Glencore’s unsolicited takeover offer, which was unveiled last week and includes a plan to combine and simultaneously spin off the companies’ thermal and steel-making coal businesses and rebrand the remaining copper and other base metals businesses as GlenTeck.
