Published: April 12, 2023 |

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Teck Resources Limited confirmed that it has received a revised, unsolicited, non-binding proposal from Glencore, which would see that company acquire Teck.

Glencore’s revised proposal appears to be largely unchanged, with the exception of a cash consideration alternative in lieu of shares in the proposed combined coal entity. The revised proposal does not provide an increase in the overall value to be received by Teck shareholders or appear to address material risks previously raised by Teck.

Consistent with its fiduciary duties and in consultation with its financial and legal advisors, Teck’s board of directors will carefully and expeditiously review and evaluate the new proposal. Teck will advise shareholders of the board’s decision regarding the revised proposal as soon as practicable.

On April 3, 2023, following a detailed review and assessment of a similar unsolicited proposal from Glencore, Teck’s board unanimously determined that the proposal was not actionable and not in the best interests of Teck or its shareholders. The board determined that the previously rejected Glencore proposal would have exposed Teck shareholders to material risks and uncertainty and would have transferred significant value to Glencore at the expense of Teck shareholders.

As one of Canada’s leading mining companies, Teck Resources is committed to responsible mining and mineral development with major business units focused on copper, zinc, and steelmaking coal. Copper, zinc and high-quality steelmaking coal are required for the transition to a low-carbon world. Teck is headquartered in Vancouver, Canada.

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