Teck Resources Ltd. TECKCA:TECK.ACA:TECK.B said Monday that it rejected an unsolicited buyout offer from Swiss multinational commodity trading and mining company Glencore Plc UK:GLEN and instead is urging shareholders to approve an already-announced separation plan of Teck Metals and Elk Valley Resources (EVR) at an April 26 meeting. The Vancouver-based mining company said the Glencore deal would expose shareholders to thermal coal and oil trading. The board said it’s not planning to sell Teck at the current time. In a statement, Glencore confirmed the offer to merge with Teck and the separate it to create two businesses. Glencore said its offer of 7.78 Glencore shares per Teck B shares represented a valuation premium of 22% based on Glencore and Teck B’s last close on March 31. Teck stock was rallying by nearly 11% in premarket trades.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
0
0
