(Vancouver) Teck Resources says it has received a number of expressions of interest about potential transactions involving its steelmaking coal business, as it works to spin off those assets from its base metals business.
The Vancouver-based company says its board of directors and independent special committee will review and assess the proposals received to determine whether they represent the best interests of Teck shareholders and other stakeholders.
Teck in April canceled a shareholder vote on a plan to split the company into two entities, Teck Metals and another to be called Elk Valley Resources that would own the coal business, after it became apparent that she did not have the support required to pass her proposal.
Swiss commodities giant Glencore made an unsolicited takeover bid for the company earlier this year, but Teck’s board rejected the bid which would have seen shareholders receive a stake in a combined company. the metallurgical activities of the two companies as well as a choice of cash or shares in a company which would have combined their coal assets.
Teck is controlled by the Keevil family, which owns the company’s Class A shares along with Japanese company Sumitomo Metal Mining.
Teck Chairman Emeritus Norman Keevil had claimed Glencore’s proposal was not good and came at a bad time, while adding that he was ready to discuss other possible deals once the company was done. its own plan to spin off its activities.
Company in this story: (TSX: TECK.B)