Glencore revises Teck deal
Glencore offered cash consideration alternative in lieu of shares in the proposed combined coal entity.
"However, 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," wrote Teck today, acknowledging that it received a revised offer. "In accordance with its fiduciary duties and in consultation with its financial and legal advisors, Teck's Board of Directors will carefully and quickly review and evaluate the new proposal. Teck will advise shareholders of the Board's decision regarding the revised proposal as soon as possible."
Teck is a diversified resource company with operations in Canada, the United States, Chile, and Peru, Teck produces copper, zinc, and steelmaking coal, as well as other metals, minerals, and energy products.
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