{"id":1922703,"date":"2023-05-02T10:11:36","date_gmt":"2023-05-02T14:11:36","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/glencore-in-hot-pursuit-of-teck-as-it-seeks-copper-assets\/"},"modified":"2023-05-02T10:17:14","modified_gmt":"2023-05-02T14:17:14","slug":"glencore-in-hot-pursuit-of-teck-as-it-seeks-copper-assets","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/glencore-in-hot-pursuit-of-teck-as-it-seeks-copper-assets\/","title":{"rendered":"Glencore in hot pursuit of Teck as it seeks copper assets"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">22<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fglencore-in-hot-pursuit-of-teck-as-it-seeks-copper-assets%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1922703&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><h2>Canadian Prime Minister Justin Trudeau: Teck Resources takeover bid must go through &#8220;rigorous process&#8221;<\/h2>\n<p>In a recent interview with Bloomberg Television, Canadian Prime Minister Justin Trudeau stated that any takeover bid for Teck Resources Ltd would have to go through a &#8220;rigorous process&#8221; to receive consent from the government. Here&#8217;s a breakdown of the key events in the ongoing saga:<\/p>\n<div id=\"div-gpt-ad-1663871513696-art-1\" style=\"min-width: 320px; min-height: 50px; text-align: center;\">\n\t<script>\n\t\tgoogletag.cmd.push(function() { googletag.display('div-gpt-ad-1663871513696-art-1'); });\n\t<\/script>\n<\/div>\n<h3>Timeline of Events<\/h3>\n<ul>\n<li><strong>March:<\/strong> Glencore privately offers to merge with Teck in a $22.5 billion all-share deal.<\/li>\n<li><strong>April 3:<\/strong> Teck rejects Glencore&#8217;s offer citing reluctance to expose its shareholders to thermal coal, oil, LNG and related sectors.<\/li>\n<li><strong>April 10:<\/strong> Teck Chief Executive Jonathan Price reinforces the rejection of Glencore&#8217;s unsolicited bid and tells shareholders that Teck&#8217;s restructuring plan is the only viable option. Reuters reports that Glencore Chief Executive Gary Nagle plans to personally meet some Canadian shareholders of Teck to get their support for the merger.<\/li>\n<li><strong>April 11:<\/strong> Glencore modifies its $22.5 billion all-share takeover bid to include up to $8.2 billion in cash, which Teck&#8217;s board dubs &#8220;largely unchanged&#8221;.<\/li>\n<li><strong>April 13:<\/strong> Teck rejects the improved bid and tweaks its own restructuring plan to allow for an earlier full separation of its metals and coal divisions. Influential proxy advisor Institutional Shareholder Services (ISS) advises shareholders to reject Teck&#8217;s restructuring plan on uncertainties and structural issues.<\/li>\n<li><strong>April 14:<\/strong> Bloomberg News reports that Teck&#8217;s biggest shareholder China Investment Corp (CIC) favors Glencore&#8217;s revised offer as it allows investors to exit their coal exposure for cash.<\/li>\n<li><strong>April 15:<\/strong> Advisory firm Glass Lewis recommends to its shareholders to vote against Teck&#8217;s plan to spin off its coal segment.<\/li>\n<li><strong>April 16:<\/strong> Vale SA, Anglo American Plc and Freeport-McMoRan Inc, among others, approach Teck to explore deals for its base metals business if the spinoff takes place, sources tell Reuters. Teck&#8217;s Chairman Emeritus Norman Keevil says he would support deals for the base metals business of Teck post spinoff.<\/li>\n<li><strong>April 17:<\/strong> A source tells Reuters that Glencore&#8217;s executives have&#8230;<\/li>\n<\/ul>\n<h2>Glencore in Hot Pursuit of Teck Resources<\/h2>\n<p>Teck Resources, a Canadian mining company, has been the subject of a takeover bid by Glencore, a Swiss commodities trader. Glencore has been actively seeking support from Teck shareholders, having met with around 120 of them to win their backing for the deal. However, Teck denies media reports that its largest shareholder, CIC, is in favor of the Glencore bid.<\/p>\n<h3>Teck Recommends Spin-Off<\/h3>\n<p>Teck CEO, Don Price, has advised shareholders to back the planned spin-off in a <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/glencore-in-hot-pursuit-of-teck-as-it-seeks-copper-assets\/\" title=\"Glencore in hot pursuit of Teck as it seeks copper assets\">hastily arranged conference call<\/a> after skipping the World Copper Conference in Chile. Glencore has responded by saying it is willing to improve its $22.5 billion bid and will consider taking the offer directly to shareholders if Teck\u2019s board refuses to discuss the deal. Teck, however, maintains that Glencore is seeking to frustrate the vote and pre-empt a competitive future landscape. Teck shareholder, Waratah Capital Advisors, has voted against the restructuring plan.<\/p>\n<ul>\n<li>Norway\u2019s <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/buy-ban-or-copy-how-governments-are-responding-to-the-cryptocurrency-revolution\/\" title=\"Buy, Ban, Or Copy? How Governments Are Responding To The Cryptocurrency Revolution\">sovereign wealth fund<\/a> has said it would support Teck\u2019s spin-off proposal.<\/li>\n<li>Canadian Finance Minister, Chrystia Freeland, has said Teck should remain headquartered in Canada amid the merger talk.<\/li>\n<li>Teck has withdrawn its proposed restructuring proposal ahead of a shareholder vote on the plan.<\/li>\n<\/ul>\n<p>Canada\u2019s Prime Minister, Justin Trudeau, has said in an interview to Bloomberg Television that any potential takeover of Teck would need to get through a \u201crigorous process\u201d to win government approval.<\/p>\n<div class=\"entry-content\">\n<h2>Other News<\/h2>\n<ul>\n<li>Multiple people in positions of power are found to have hobnobbed with Jeffrey Epstein\u2026 while he was a known sex offender.<\/li>\n<li>The White House is unconcerned with new spy balloons and Google\u2019s own Dr. Frankenstein warns others about the monster he\u2019s created.<\/li>\n<li>Florida lawmakers are very close to handing Governor Ron DeSantis the country\u2019s <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/vatican-is-involved-in-a-secret-ukraine-peace-mission-the-pope-claims\/\" title=\"Vatican is involved in a secret Ukraine peace \u2018mission\u2019, the Pope claims\">toughest immigration bill<\/a> from any state.<\/li>\n<li>More female inmates are opening up about the disaster brewing behind bars.<\/li>\n<li>Deputy Director of Concerned Veterans of America, John Byrnes, is urging Congress to fix a system that\u2019s denying healthcare.<\/li>\n<li>A pioneer of artificial intelligence said he quit Google to speak freely about the technology\u2019s dangers, after realizing that computers\u2026<\/li>\n<\/ul>\n<\/div>\n<h2>AI Pioneer Quits Google to Speak Out on Dangers of Technology<\/h2>\n<div class=\"entry-content\">\n<p>According to Reuters, a pioneer of artificial intelligence has left Google in order to speak freely about the potential dangers of the technology. He realised that computers&#8230;<\/p>\n<\/div>\n<h3>EU and US Warn Malaysia Over National Security Risks<\/h3>\n<div class=\"entry-content\">\n<p>Malaysia is currently undergoing a review that could <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-admin-misses-its-own-deadline-to-plan-future-oil-and-gas-lease-sales\/\" title=\"Biden Admin Misses Its Own Deadline to Plan Future Oil and Gas Lease Sales\">impact national security<\/a> and foreign investment. The European Union and the United States have both issued warnings about the potential risks involved.<\/p>\n<ul>\n<li>The EU and US have both expressed concerns about Malaysia&#8217;s review process<\/li>\n<li>There are fears that the review could have negative impacts on national security and foreign investment<\/li>\n<li>The warnings come as Malaysia finalises its review<\/li>\n<\/ul>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Are you tired of the same old routine? 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Book now and let us take you on the ride of a lifetime!<\/p>\n","protected":false},"author":66,"featured_media":1922704,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[542],"tags":[12450,25587,24497,7354,13863,3814,24498],"class_list":["post-1922703","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-oann","tag-assets","tag-copper","tag-glencore","tag-hot","tag-pursuit","tag-seeks","tag-teck"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1922703","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/66"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1922703"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1922703\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1922704"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1922703"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1922703"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1922703"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}