With controlling Teck shareholder not on board with Glencore’s takeover offer, what does Glencore do now?

Investors are now wondering what Glencore’s next move will be after Norman B. Keevil invoked fiery economic nationalism to explain his rejection of any Glencore takeover of Teck

, and Gary Nagle, Glencore’s chief executive officer, expounded publicly for hours on its merits, the giant Swiss miner has gone silent.Norman B. Keevil, whose family investment vehicle controls Teck’s class A super voting shares

Mr. Keevil’s comments recalled the late Peter Munk’s condemnation of the foreign takeover of one big Canadian mining company after another in the mid-2000s. The founder of Barrick Gold Corp. “He is a fiercely proud Canadian, and rightly so,” Dalton Baretto, analyst with Canaccord Genuity Corp., said in an e-mail.

In a note to clients, Scotia Capital Inc.’s Orest Wowkodaw said that even in the event of a higher offer from Glencore, the likelihood of it working “is very low.” That’s because of the stranglehold Mr. Keevil and Japan’s Sumitomo Metal Mining Co. have on the A shares.

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