Freeport, Vale, Anglo are said to eye Teck Metals operations
Major mining companies including Freeport McMoRan, Vale and Anglo American are evaluating potential bids for a chance to purchase Teck Resources' base metals business if the Canadian miner successfully spins out its coal assets, according to people familiar with the discussions.
Any such bids would have to occur after Teck, which is battling Glencore Plc against a takeover, gets approval from shareholders to break up its company from the steelmaking coal business — which isn’t a foregone conclusion. The actions come as Teck races against the clock to get enough shareholders on its side to approve the split in a vote set for April 26.
Glencore grabbed a momentum shift last week as Institutional Shareholder Services and Glass Lewis both recommended that investors vote against Teck’s spinoff plan and as Bloomberg News reported that China Investment Corp., which owns 10% of Teck’s Class B shares, currently favors Glencore’s latest proposal because it offers a quicker and cleaner exit from the coal assets.
Teck’s copper and base metals assets have long been coveted by competitors in the metals and mining industry given the high ore grade and the geopolitically friendly regions of the deposits. Teck wasn’t immediately available for comment. Representatives of Vale and Anglo American declined to comment. Freeport said it does not comment on market rumors or speculation.
The Globe and Mail earlier reported the interest in Teck’s base metals business. Bloomberg News reported earlier this month that Teck is willing to entertain offers from potential suitors after it finished the spinoff of the coal business.
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