Deals
Glencore’s $23 Billion Offer Rebuffed by Canadian Miner Teck
- Glencore’s bid was a 20% premium on Teck’s share price
- Keevil family says now is not the time for a transaction
This article is for subscribers only.
Canada’s Teck Resources Ltd. rejected a proposal from Glencore Plc to buy the company for shares and then spin off their combined coal businesses, in the latest sign of dealmaking heating up across the mining industry.
Glencore’s proposal on March 26 represented a 20% premium at the time, and would be worth about $23 billion at Friday’s closing prices, according to Bloomberg calculations. The approach was first disclosed by Teck and then confirmed by Glencore, which said on Monday its proposal remains in place and reiterated its interest.