B.C. coal town mayors say a potential takeover of Teck Resources by Glencore would be devastating and make communication difficult. Read on.
Teck has so far rejected two takeover bids from the Swiss mining giant. Canada’s largest diversified miner said an acquisition would contaminate Teck’s value on the market by exposing its shareholders to Glencore’s thermal coal, oil and other commodities it believes don’t have a bright future.Glencore hasn’t backed away and said it will offer a better deal.
Elkford Mayor Steve Fairbairn shared a similar sentiment and said he would “much rather work” with a mining company that has a special focus on the valley. For a multinational such as Glencore, which has several big projects worldwide, an operation at Elk Valley would be inconsequential, he said. Two-thirds of shareholders must agree before the company can proceed, and some see the vote as a de facto referendum on Glencore’s offer. If Teck’s shareholders vote for the split, Glencore said it would not be beneficial for it to continue its takeover bid.
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