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© Reuters. FILE PHOTO: The logo of commodities trader Glencore is pictured in front of the company’s headquarters in Baar, Switzerland, September 30, 2015. REUTERS/Arnd Wiegmann
(Reuters) – Swiss miner Glencore (OTC:GLNCY) Plc said on Wednesday it was willing to raise its bid for Canada’s Teck Resources (NYSE:TECK) Ltd, its latest attempt to bring the Canadian miner on the negotiation table ahead of restructuring.
Teck has repeatedly rejected Glencore’s offer and instead urged shareholders to vote for the company’s own plan to split its coal and copper businesses.
Here is the snapshot of key events in the Teck-Glencore saga so far.
Date Development
March Glencore privately offers to merge with Teck Resources
26 in a $22.5 billion all-share deal.
April Teck
3 rejects Glencore’s offer citing reluctance
to expose its shareholders to thermal coal, oil, LNG
and related sectors.
April Teck Chief Executive Jonathan Price reinforces the
10 rejection of Glencore’s unsolicited bid and tells
shareholders that Teck’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.
April Glencore modifies its $22.5 billion all-share takeover
11 bid to include up to $8.2 billion in cash, which
Teck’s board dubs “largely unchanged”.
April Several Teck shareholders ask Glencore to sweeten its
12 takeover bid.
April Teck rejects the improved bid and tweaks its own
13 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’s
restructuring plan on uncertainties and structural
issues.
April Bloomberg News reports that Teck’s biggest shareholder
14 China Investment Corp (CIC) favors Glencore’s revised
offer as it allows investors to exit their coal
exposure for cash.
April Bloomberg News reports that Advisory firm Glass Lewis
15 has recommended to its shareholders to vote against
Teck’s plan to spin off its coal segment.
April Vale SA (NYSE:VALE), Anglo American (LON:AAL) Plc and Freeport-McMoRan (NYSE:FCX) Inc,
16 among others, approach Teck to explore deals for its
base metals business if the spinoff takes places,
sources tell Reuters.
Teck’s Chairman Emeritus Norman Keevil says he would
support deals for the base metals business of Teck
post spinoff.
April A source tells Reuters that Glencore’s executives have
17 met or spoken with some 120 Teck shareholders to win
support for their takeover bid.
Teck denies media reports that stated its largest
shareholder CIC favored the Glencore deal.
April Teck CEO Price again advises shareholders to back the
18 spinoff in a hastily arranged conference call after
skipping the World Copper Conference in Chile.
April In an open letter, Glencore says it is willing to
19 improve the $22.5 billion bid and will consider taking
the offer directly to shareholders if Teck’s board
refuses to discuss the deal.
