CRU: Teck Rejects Glencore's Unsolicited Offer

Directors of Canadian miner Teck Resources have unanimously turned down what it described as an “opportunistic acquisition proposal” from Glencore. The offer values the Canadian miner at around US$23 billion (€21 bn). Glencore made the move soon after Teck announced first copper production from the QB2 expansion at Quebrada Blanca, Chile.

Teck’s CEO Jonathan Price said: “The Glencore proposal would expose Teck shareholders to a large thermal coal business, an oil trading business and significant jurisdictional risk, all of which would negatively impact the value potential of Teck’s business, is contrary to our ESG [environmental, social and governance] commitments and would transfer significant value to Glencore at the expense of Teck shareholders.”