- Write by:
-
Tuesday, April 25, 2023 - 00:00:53
-
185 Visit
-
Print
Mining News Pro - Teck Resources Ltd, which is trying to fend off an unsolicited $22.5 billion takeover offer from Glencore Plc, should remain headquartered in Canada and help the country expand its critical minerals industry, Finance Minister Chrystia Freeland said on Monday.
The comments from Freeland, who is also Canada’s deputy prime minister, are the clearest indication to date that Ottawa is watching closely the increasingly acrimonious takeover battle between Vancouver-based miner Teck and Switzerland’s Glencore.
The bid is the latest in a mounting wave of mining industry buyout offers fueled by growing demand for copper and other metals critical to the green energy transition.
“We need companies like Teck here in Canada, companies with a strong commitment to Canada,” Freeland wrote in a letter to the Greater Vancouver Board of Trade that was seen by Reuters. Freeland was responding to concerns from the board about Teck’s future in Canada in the wake of Glencore’s unsolicited bid.
Teck’s shareholders must respond by Monday on a separate plan from Teck to split its coal and metals businesses, with results released on Wednesday. Glencore’s takeover attempt likely would be scuttled if Teck’s shareholders support the split.
Representatives for Teck and Glencore were not immediately available to comment.According to Mining News Pro -
Short Link:
https://www.miningnews.ir/En/News/622856
A Native American group has asked all members of a US appeals court on Monday to overturn an earlier ruling that granted ...
Codelco is exploring more partnerships with the private sector as Chile’s state copper behemoth looks to recover from a ...
The London Metal Exchange (LME) on Saturday banned from its system Russian metal produced on or after April 13 to comply ...
China’s state planner on Friday finalized a rule to set up a domestic coal production reserve system by 2027, aimed at ...
The world’s coal-fired power capacity grew 2% last year, its highest annual increase since 2016, driven by new builds in ...
Peabody Energy Corp. shares sunk to the lowest in seven months after the biggest US coal miner warned that first-quarter ...
Peru’s Las Bambas copper mine, owned by China’s MMG, is facing renewed blockades of a key transport route after failed ...
Polish government is abandoning plans to separate coal-fired power plants into a special company and is considering ...
French mining group Eramet said on Wednesday it had reached an agreement with the French government to continue its ...
No comments have been posted yet ...