Teck, Glencore CEOs Converge on Toronto in Battle for Investors
- Teck’s plan to split off coal business is dealt blow by ISS
- Teck offers to speed up coal split to appeal to investors
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Teck Resources Ltd. has suffered a blow to its plans to separate its coal and metals operations after a major advisory firm urged shareholders to reject the move, complicating its fight to thwart a $23 billion takeover from Glencore Plc.
The battle is heating up just as the top executives of Teck and Glencore converged on Toronto in an attempt to shore up shareholder support for their companies’ own competing visions of the future of the Canadian miner.