Glencore ups the ante in bid for Teck Resources

Commodity company Glencore has upped the ante in its bid for diversified mining firm Teck Resources, stating it was willing to improve upon its $22.5bn offer for the group.

Glencore
03 May 2024 17:21:24

Source: Sharecast

Glencore said on Wednesday that it will look at taking its offer directly to Teck's shareholders if the board fails to engage in talks.

It previously made its all-share offer ahead of Teck's plan to spin off its metallurgical coal business and focus on copper and zinc approaches a vote on 26 April.

"Glencore has never stated that its proposal is 'best and final' and that it is not willing to make changes and improvement to its proposal," it said. "With engagement, we could improve our proposal's terms and value, which would be in the best interests of all Teck shareholders."

Glencore's proposal will combine and spin-off both its thermal coal unit and Teck's steelmaking coal business.

As of 1000 BST, Glencore shares were down 0.72% at 494.40p.

Reporting by Iain Gilbert at Sharecast.com

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