Africa-Press – South-Africa. Teck Resources urged investors to support its plan for splitting its metals and coal businesses while reiterating opposition to a $23 billion (R426 billion) takeover proposal from Glencore.
With a little more than two weeks before the vote, Teck and Glencore each have a tight deadline to win over investors. Teck’s separation requires two-thirds support from both categories of “supervoting” and regular shares, meaning that shareholders with just a small percentage of the total voting rights could have the power to scupper the plan and throw its future into question.
“The choice is clear: either vote for a separation that creates two companies with a broad spectrum of opportunities to maximize value, or vote to maintain the status quo,” Price said on Monday’s call.
Price reiterated that Glencore’s proposal would give shareholders exposure to thermal coal and oil trading. He called the larger company an “unsuitable acquirer” because of the risks involved in its business.
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