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It was unclear what stake JFE was seeking or what price it was offering. Japan's Nippon Steel (5401.T) has previously said it was looking to buy a 10% stake in Teck's coal business for C$1.15 billion, valuing the overall business at about C$11.5 billion, with an option of increasing its stake to 17.5%. Glencore has said it will consider buying the coal business for about $8.5 billion. JFE Steel holds 15% equity in India's JSW Steel (JSTL.NS), which was also exploring an investment in Teck's coal business. Price said the company had two options -- a 100% sale of the coal business for cash or a partial sale of the coal business, with proceeds going to growing the copper business.

Persons: Chris Helgren, Glencore, Major steelmakers, Teck, JFE, Jonathan Price, Price, Divya Rajagopal, Neha Arora, Denny Thomas, Nick Zieminski, Rod Nickel Organizations: Teck Resources, Developers Association of Canada, REUTERS, Rights, JFE Steel Corp, Canada's Teck Resources, Reuters, Japan's Nippon Steel, JFE Steel, JSW, Thomson Locations: Teck, Toronto , Ontario, Canada, Canada's Teck, Russia, JFE, Tokyo, Australia, Swiss, Toronto, India

☆ Buying Teck's coal unit as a standalone a 'distant second' for Glencore - CEO
▼ + stars: | 2023-05-16 | by ( ) www.reuters.com time to read: +2 min

LONDON, May 16 (Reuters) - Buying Teck Resources' (TECKb.TO) coal business as a standalone unit is a "distant second" for Glencore (GLEN.L) and Teck should not leave out the Swiss miner if it keeps pursuing its separation plan, boss Gary Nagle told the Bank of America conference in Barcelona on Tuesday. Teck has rebuffed the Swiss miner and trader's $22.5 billon offer to combine the two companies, instead pursuing plans to separate its copper and coal business. Glencore's plan would combine and spin off its thermal coal unit and Teck's steelmaking coal business. As part of its proposal, Glencore has offered up to $8.2 billion in cash to Teck shareholders who may not want exposure to thermal coal, the most polluting fossil fuel. Reporting by Clara Denina, additional reporting by Pratima Desai; editing by Ed OsmondOur Standards: The Thomson Reuters Trust Principles.

☆ Glencore says takeover bid for Teck Resources still stands
▼ + stars: | 2023-04-27 | by ( Clara Denina | ) www.reuters.com time to read: +1 min

April 27 (Reuters) - Glencore Plc (GLEN.L) said on Thursday its takeover bid for Teck Resources Ltd (TECKb.TO) still stands, after the Canadian miner scrapped a restructuring plan that would have ended it. It chief executive, Jonathan Price, repeated on Wednesday his objection to Glencore's bid, saying he would "not engage in something that is a distraction". Glencore's plan would combine and spin off its thermal coal unit and Teck's steelmaking coal business, while rebranding the rest of the operations as GlenTeck. Glencore also said it "remains committed to ensuring that its proposal delivers real benefits to Canada." On Monday, Chrystia Freeland, Canada's deputy prime minister, said Teck should remain headquartered there, providing the clearest indication to date that Ottawa was closely watching the takeover battle.

☆ Teck swats dealmaking ball back into its own court
▼ + stars: | 2023-04-26 | by ( ) www.reuters.com time to read: +2 min

Canadian miner Teck Resources (TECKb.TO) on Wednesday tore up Plan A, which was a scheduled shareholder vote on splitting the company. Boss Jonathan Price and controlling shareholder Norman Keevil also are rejecting Plan B, an even more intricate, all-share $24 billion takeover bid from Glencore (GLEN.L). If Teck doesn’t come up with a persuasive third option, and soon, it is likely to face increased pressure to sell. Teck vowed to come back with a “simpler and more direct” separation proposal. Keevil’s blocking stake is an obvious impediment, but if Plan C doesn’t fly, Plan B will look more compelling.

☆ Teck Resources withdraws restructuring ahead of vote, as Glencore circles
▼ + stars: | 2023-04-26 | by ( ) www.reuters.com time to read: +2 min

April 26 (Reuters) - Teck Resources Ltd (TECKb.TO), the target of an unsolicited takeover bid by Glencore (GLEN.L), on Wednesday said it has withdrawn a proposed restructuring plan just hours ahead of a shareholder vote on it. The Vancouver-based miner operates under a dual-class structure and would need approval from two-thirds of shareholders on both sides for the restructuring. "Glencore's rejected proposals remain a non-starter, with the same flawed structure and material execution risks identified by our Board," Teck boss Jonathan Price said. Glencore's plan would combine and spin off its thermal coal unit and Teck's steelmaking coal business, while rebranding the rest of the operations as GlenTeck. Letko added that internally, some of its employees were divided on whether the deal would succeed or not.

Glencore latest offer is for Teck's shareholders to receive 24% of the combined metals group and up to $8.2 billion in cash for those who may not want exposure to thermal coal, which is the most polluting fossil fuel. Teck said its board will review and evaluate the offer, but nevertheless believes it is "largely unchanged" from the original bid. "The revised proposal does not provide an increase in the overall value to be received by Teck shareholders or appear to address material risks previously raised," Teck said in a Tuesday statement. "Getting Teck's Class A shareholders on board is a separate, more substantial challenge," LaFemina added. Reuters on Monday reported that Glencore Chief Executive Gary Nagle plans to meet with some of Teck's Canadian shareholders in Toronto on Thursday to personally lobby them for support.

☆ Glencore adds cash option to Teck bid in effort to sway shareholders
▼ + stars: | 2023-04-11 | by ( ) www.reuters.com time to read: +2 min

LONDON, April 11 (Reuters) - Glencore (GLEN.L) proposed introducing a cash component to its $22.5 billion bid for Teck Resources (TECKb.TO) on Tuesday and urged its board to delay an impending vote on a restructuring. Glencore is now proposing that Teck shareholders receive 24% of the combined metals group and up to $8.2 billion in cash for those who may not want exposure to thermal coal, which is the most polluting fossil fuel. Teck, which did not immediately respond to a request for comment, had said in its rejection that it did not want to expose its shareholders to thermal coal. "This new bid from Glencore raises the odds of the vote (on proposed restructuring) not going Teck's way." Reuters on Monday reported that Glencore CEO Gary Nagle plans to meet with some of Teck's Canadian shareholders in Toronto on Thursday to personally lobby them for support.

A shareholder vote on Teck's plan is scheduled for April 26. "A vote against the separation is a vote to maintain the status quo at Teck, and there is no path that includes Glencore acquiring Teck," Price said. Teck said its board has rejected the offer as Glencore did not present a coherent plan for its proposed coal company. Analysts had last week seen room for an higher offer from Glencore to sway Teck shareholders in its favour. "This is not just about price," Price said on Monday.

April 10 (Reuters) - Canada's Teck Resources (TECKb.TO) on Monday reinforced its rejection of an unsolicited $22.5 billion bid from Glencore (GLEN.L), calling it "an illusion" and telling shareholders that its proposed restructuring is the only option on the table. "A vote against the separation is a vote to maintain the status quo at Teck, and there is no path that includes Glencore acquiring Teck," Price said. Analysts had last week seen room for an higher offer from Glencore to sway Teck shareholders in its favour. "This is not just about price," Price said on Monday. Price also said that Teck is open to partnering with Glencore and other companies on "the creation of ...joint venture to unlock regional synergies."

☆ Ex-Texas police officer acquitted of murder in fatal shooting of man at gas station
▼ + stars: | 2022-09-23 | by ( Tim Stelloh | Tim Stelloh Is A Breaking News Reporter For Nbc News Digital. | ) www.nbcnews.com time to read: +2 min

A white former police officer charged in the fatal shooting of a Black man at a Texas gas station two years ago was acquitted of murder Thursday, the officer’s lawyer said. One of Price’s sisters, Sabrina Price, wept after the verdict was announced Thursday afternoon, NBC Dallas-Fort Worth reported. via Facebook“There was not one person that looked like me,” said Sabrina Price, who is Black, referring to the jury, according to the station. At the time of the shooting, Lucas was one of six white police officers in the small city northeast of Dallas, state records show. Lucas had been dispatched to the gas station over a possible fight in progress, Lt. Lonny Haschel of the Texas Department of Public Safety said in a statement.

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