Teck Resources CEO Jonathan Price urges shareholders to vote for proposal to separate company into coal and copper businesses. Read more
Nonetheless, Price went on the offensive April 10, scheduling a call for 5 a.m. local time at Teck’s base in Vancouver to get his message out while traders and investment bankers in Europe were still active and markets in New York and Toronto were about to open., Teck shareholders would end up being exposed to “large” thermal coal and oil businesses at a time when such assets risk becoming stranded by the shift to a greener economy.
“The value of Glencore’s rejected proposal is an illusion, in sharp contrast separation offers us something concrete,” said Price. “The choice for our shareholders is clear. Vote for the pending separation to open the door to value maximizing opportunities.” Price’s pitch got a boost April 10 when Egerton Capital UK LLP, which owns about 2.25 per cent of Teck’s class B shares, went public with its support for the separation. Glencore’s proposal “woefully undervalues” Teck Resources, while Teck Metals would be a “vastly more attractive acquisition target than Teck Resources because so many investors today just can’t buy coal,” partner Teddy Molson told
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Teck Resources CEO declares Glencore bid a 'non-starter'Teck Resources Ltd.\u0027s CEO Jonathan Price said Glencore Plc\u0027s proposal would destroy shareholder value. Find out more.
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Pierre Lassonde plans to buy stake in Teck spinoff: reportPierre Lassonde is planning to buy a stake in Teck Resources Ltd.’s spinoff coal company to protect it from a foreign takeover. Read more.
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