Its initial two offerings for Teck – the first totalling £19bn and the second including a £6.6bn cash sweetener – were knocked back by the miner’s senior leadership, including top shareholder Norman Keevil.
Glencore seeks to acquire Teck, but faces opposition from shareholders wary of coal.
Glencore’s shareholders would own 76 per cent of the combined entity whereas Teck incumbent investors would hold the remaining 24 per cent.It’s takeover attempt is a cool, rational attempt to diversify its business and shift towards future-facing minerals, which will be in high demand for wind turbines, solar panels and electric vehicle batteries as the world moves towards a greener future.
Teck predicts its proposals could see its shares trade at a 55 per cent premium on its latest closing price. Meanwhile, Glass Lewis has urged shareholders to support Glencore’s bid, and ISS has raised concerns over Teck’s break-up plans but stopped short of backing the Swiss firm’s proposed takeover. Coal is also the world’s dirtiest fossil fuel, and with companies looking to divest to achieve net zero targets, it appears Teck’s board and many of its shareholders have seen the scale of Glencore’s large thermal coal business and oil trading businesses and opted against any negotiations.
Shareholders will vote at Glencore’s annual meeting next month on a resolution urging the company to explain how its thermal coal business aligns with efforts to limit the increase in global temperatures to 1.5 degrees Celsius, in line with the Paris Agreement.While the company has previously pledged to cap coal production at 2019 levels and reach net zero emissions by 2050, banking group Credit Suisse does not expect a material decrease in Glencore’s coal production until 2036.
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