Glencore Dangles Prospect of Higher Teck Bid as Vote Looms
- Glencore says it’s willing to discuss raising $23 billion bid
- Teck holds pivotal shareholder vote on company split April 26
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Glencore Plc said it’s willing to raise its bid for Teck Resources Ltd. in the latest attempt to sway shareholders and pressure Teck’s board, with just one week to go before a pivotal vote on the Canadian miner’s future.
The companies have spent the past few weeks in a bruising fight to win over Teck investors, after its board and controlling shareholder publicly rejected Glencore’s proposal. The Swiss commodities giant offered to buy Teck for $23 billion and then create two new companies combining their respective metals and coal businesses.