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Top related persons:
Teck - 1 Gary Nagle - 1 May - 1 Pierre Lassonde - 1 Glencore - 1 Clara Denina - 1 Eva Mathews - 1 Dhanya Ann - 1
Top related locs:
Teck CoalCo Swiss
Top related orgs:
Teck Resources - 1 Teck Metals - 1 Deutsche Bank - 1 Nippon Steel Corporation - 1 Thomson - 1

Search resuls for: "Teck Metals"


6 mentions found


☆ Glencore makes offer for Teck's steelmaking coal business
  + stars: | 2023-06-12 | by ( Clara Denina | ) www.reuters.com   time to read: +2 min
LONDON, June 12 (Reuters) - Glencore (GLEN.L) on Monday offered to buy Teck Resources' (TECKb.TO) steelmaking coal business as a standalone unit, after the Canadian miner twice rebuffed its $22.5 billon offer to combine the two companies. "It would provide Teck with a cleaner exit from coal and allow Glencore to split its own business into CoalCo and MetalsCo." Glencore's CEO Gary Nagle in May said buying Teck's coal business as a standalone unit was a "distant second" for the Swiss mining company, as it still pursues its merger plans. Teck's steelmaking coal mines are among few left in the world, making them attractive to Glencore, as global efforts to phase out coal-fired power generation gather momentum. As part of its original proposal, Glencore offered up to $8.2 billion in cash to Teck shareholders who may not want exposure to thermal coal.
Persons: Teck, Gary Nagle, May, Pierre Lassonde, Glencore, Clara Denina, Eva Mathews, Dhanya Ann, Kirsten Donovan, Barbara Lewis Organizations: Teck Resources, Teck Metals, Deutsche Bank, Nippon Steel Corporation, Thomson Locations: Teck, CoalCo, Swiss
☆ Teck approached by other companies while fending off Glencore offers -Globe and Mail
  + stars: | 2023-04-16 | by ( ) www.reuters.com   time to read: +1 min
A vote on Teck's plan to fully separate the copper and zinc business Teck Metals from the steelmaking coal Elk Valley business is scheduled on April 26. These approaches from international miners come as the Vancouver-based miner is fending off unsolicited bids from Glencore Plc (GLEN.L) that would involve combining and spinning off the thermal and steelmaking coal businesses of both companies. The Swiss mining company has offered Teck shareholders 24% of the combined metals group and up to $8.2 billion in cash for those who may not want exposure to thermal coal. Two proxy shareholder advisory firms have recommended that Teck Resources shareholders vote against the planned split. On Saturday, Bloomberg News reported that Glass Lewis also asked Teck Resources shareholders to vote against Teck's plan to spin off its coal business.
☆ Glass Lewis recommends 'No' vote on Teck's coal business spinoff, Bloomberg reports
  + stars: | 2023-04-15 | by ( ) www.reuters.com   time to read: +1 min
April 15 (Reuters) - Advisory firm Glass Lewis said Teck Resources Ltd (TECKb.TO) shareholders should vote against Teck's plan to spin off its coal business, Bloomberg News reported on Saturday. The move follows another influential proxy adviser, Institutional Shareholder Services (ISS), which also advised shareholders to reject Teck's restructuring plan this week. The takeover would involve combining and spinning off the thermal and steelmaking coal businesses of both companies. Teck has rejected the offer and made changes to its own proposed restructuring plan to allow for a potentially shorter path to fully separate the copper and zinc business Teck Metals from the steelmaking coal Elk Valley business. A vote on Teck's own plan is scheduled for April 26.
☆ Glencore’s Teck gambit could slip on an oily patch
  + stars: | 2023-04-06 | by ( Karen Kwok | ) www.reuters.com   time to read: +4 min
Valued at 6 times its expected 2024 EBITDA of $3.2 billion, Teck’s metals unit would be worth just under $20 billion. Glencore boss Gary Nagle’s alternative plan, which would hand Teck shareholders 24% of the enlarged company, initially looks more appealing. Nagle can’t put the business, the pride of Glencore founder Marc Rich, together with the new coal unit. The risk for Nagle is that Teck shareholders do too. Teck shareholders will vote on the company’s proposal on April 26.
☆ Canada's Teck Resources rejects $22.5 bln buyout offer from Glencore
  + stars: | 2023-04-03 | by ( ) www.reuters.com   time to read: +1 min
April 3 (Reuters) - Teck Resources Ltd (TECKb.TO) on Monday rejected an unsolicited $22.5 billion bid from Swiss commodity firm Glencore Plc (GLEN.L), sending the U.S.-listed shares of the Canadian copper miner up about 10% in premarket trading. Teck said more value can be achieved with the proposed restructuring announced earlier this year than the sale of the company. "The board is not contemplating a sale of the company at this time," Teck Chair Sheila Murray said. The company had in February said it would spin off its steelmaking coal unit to focus on industrial metals such as copper. After the separation, Teck will re-brand itself as Teck Metals Corp, while the new divested unit will be listed in Toronto as Elk Valley Resources Ltd.
☆ Investors question Teck on climate even after Canadian miner's coal spin-out
  + stars: | 2023-03-21 | by ( Divya Rajagopal Simon Jessop | Divya Rajagopal | Simon Jessop | ) www.reuters.com   time to read: +5 min
[1/3] Visitors pass a logo of Teck Resources Ltd mining company during the Prospectors and Developers Association of Canada (PDAC) annual convention in Toronto, Ontario, Canada March 4, 2019. REUTERS/Chris HelgrenTORONTO, March 21 (Reuters) - Investors have yet to embrace Canadian miner Teck Resources Ltd's (TECKb.TO) proposal to spin off its highly polluting coal business and focus on production of copper to help supply society's move toward electric vehicles. Last month, Teck announced a split into copper-focused Teck Metals and Elk Valley Resources (EVR), which will focus on high-margin coal for steel making. In 2021, South African miner Anglo American demerged and listed its thermal coal business. "The coal business is profitable for now, and using its proceeds to fund its copper business is a pragmatic way towards transition," said Dustyn Lanz, Senior Advisor ESG Global Advisors.
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