off-the-wire

Teck says Glencore trying to hinder value creation

Kitco Media
By Reuters
Published:
Updated:
Reuters

April 19 (Reuters) - Canadian copper miner Teck Resources said on Wednesday Swiss commodities giant Glencore Plc “opportunistic“ proposal has not changed, and continued to recommend that shareholders vote for a planned spin-off. Earlier in the day, Glencore told Teck shareholders it was willing to improve its $22.5 billion takeover offer.

In a letter to shareholders, Teck said Glencore is seeking to frustrate the vote and pre-empt a competitive future landscape, which is good for Glencore, and bad for Teck's shareholders.

(Reporting by Mrinalika Roy)

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