Teck Resources Rejects Glencore's Revised Takeover Bid and Seeks Faster Spinoff

Teck said last Thursday it had rejected Glencore's revised takeover proposal. The company will amend the terms of the transaction to fully separate Teck Metals and Elk Valley Resources as soon as possible and to maximise free cash flow that can be returned to shareholders.

Glencore made a $23 billion bid for Teck earlier this month, before amending its bid to include $8.2 billion cash to acquire all of Teck shareholders.

Teck said the revised proposal was still not in the best interests of shareholders, and the company continued to believe that the planned separation of Teck Metals and Elk Valley Resources will bring about more opportunities to create greater value.