Teck’s biggest shareholder favours Glencore's coal plan
Teck Resources' biggest shareholder, China Investment Corp (CIC), currently favours Glencore's takeover plan that would allow investors to exit their coal exposure in return for cash, as the two miners race to win support for their competing proposals.
Glencore wants to buy Teck and then spin off the combined companies’ coal assets, but Teck says the deal is a “non starter” and is instead pressing ahead with an earlier plan to hive off its coal mines and focus on metals. Teck investors will decide on the Canadian miner’s split plan on April 26, in a high-stakes vote that is being framed by Glencore’s camp as a referendum on its takeover proposal.