Teck approached by other companies while fending off Glencore offers -Globe and Mail

The Globe and Mail reported on Sunday, citing two sources with knowledge of the discussions, that a unit of Vale SA, Anglo American Plc, and Freeport – McMoRan Inc. has approached( Reuters )- Teck Resources Ltd. to discuss deals in the event that the company is scheduled to split.

On April 26, Teck will put to a vote on his proposal to completely separate the steelmaking fuel Elk Valley venture from the copper and zinc industry.

These strategies from foreign miners come as Glencore Plc’s’s unwelcome bids to combine and spin off their respective infrared and steelmaking coal businesses are being resisted by the Vancouver-based miner.

For those who might not want to be exposed to thermal coal, the Swiss mining company has offered Teck shareholders 24 % of the combined metals group and up to$ 8.2 billion in cash.

Shareholders of Teck Resources should vote against the proposed broken, according to two substitute shareholder advisory firms.

Shareholders were urged to reject Teck’s’s restructuring plan by Institutional Stockholder Services ( ISS ). According to a report by Bloomberg News on Saturday, Glass Lewis also requested that Teck Resources owners oppose the company’s’s system to roll off its coal company.

At least six significant mining companies have expressed interest in Teck and are interested in a number of post-split payments, according to the Globe and Mail.

In response to Reuters’ request for comment, Teck, Freeport, Vale, and Anglo American declined.

( Reporting from Bengaluru by Lavanya Ahire, additional reporting credit from Mrinmay Dey, Bill Berkrot, and Sandra Maler )

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