Glencore executives have met or spoken with some 120 Teck Resources shareholders during a short visit to Toronto to try to win support for the company's takeover bid rather than an internal overhaul, a source familiar with the situation said.
own plan to spin off its metallurgical coal business and focus on copper and zinc nears an April 26 vote.
The Swiss mining company would instead combine and spin off its thermal coal unit and Teck's steelmaking coal business."We continue to engage extensively with our shareholders and believe that they recognize that Teck will be in a far better position to create value with a larger pool of interested parties after separation, and will support Teck's proposal," a spokesperson for Teck said in an email.
A wave of buyout offers for mines and mining companies is widely expected in coming months as demand increases for copper and other green energy transition minerals.
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