(Vancouver) Teck Resources is stepping up its plan to spin off the company, a week after Swiss mining giant Glencore made an unsolicited bid for the Vancouver miner.
In an investor presentation released on Monday, Teck said its spin-off will provide shareholders with more choices and ways to maximize their value, since they will own shares in both Teck Metals and Elk Valley Resources.
The company argued that its plan provides for a responsible exit from steelmaking coal, while providing fair value.
She added that Teck’s current plan has no competitive or regulatory hurdles to overcome.
Glencore’s offer provides for 7.78 of its shares for each Teck Class B subordinate voting share, which equates to a 20% premium to its price on the date its offer was made .
Teck’s board unanimously rejected the offer, saying it would expose shareholders to trade in copper, thermal coal and oil, and claimed the proposal lacked a “coherent plan” for his coal company project.
Company in this story: (TSX: TECK)
