Teck Spinoff Is Backed by Canada Pension After Website Error Fixed
- CPPIB says website mistake showed it voting against Teck split
- Glencore has framed vote as a referendum on its takeover offer
The Teck Resources steelmaking coal mine in the Elk Valley near Sparwood, British Columbia.
Photographer: James MacDonald/BloombergThis article is for subscribers only.
Canada’s largest pension fund says it will vote for Teck Resources Ltd.’s plan to split the mining company after a “technical error” last week caused it to state the opposite.
Canada Pension Plan Investment Board, which managed C$536 billion ($394 billion) at the end of December, will endorse a plan to spin off Teck’s steelmaking coal business at an April 26 shareholder meeting, it confirmed on Tuesday.