Teck Pulls Vote on Coal Split, Handing Momentum to Glencore
- Company will consider shareholder feedback with new plan
- Teck CEO says Glencore proposal remains a ‘non starter’
A Teck Resources coal mine in the Elk Valley near Sparwood, British Columbia, Canada.
Photographer: James MacDonald/BloombergThis article is for subscribers only.
Teck Resources Ltd. canceled a vote to spin off its coal assets hours ahead of its shareholder meeting, handing the initiative to Glencore Plc in its attempt to buy the company.
The move caps a tense three weeks of lobbying investors by both Teck and Glencore, and suggests Teck may not have mustered the support it needed. The Canadian miner rejected a $23 billion takeover proposal from Glencore earlier this month, and said it would instead press on with the plan to spin off its coal mines, to focus on mining copper and zinc.