Conservatives want Glencore takeover of Teck blocked
The Conservative Party of Canada has called for the $22.5-billion takeover of Teck Resources by Swiss-headquartered Glencore to be blocked, arguing that the merger would “ship thousands of jobs out of the country”.
In a statement on Thursday, the Pierre Poilievre-led party stated that jobs would be at risk and that local supply chains would be threatened if Glencore were to buy the Vancouver-based mining company.
“If Glencore’s acquisition is successful, Canada will lose the last remaining major mining company owned and headquartered in Canada, and tens of thousands of Canadians will be affected.”
Glencore said on Thursday that its takeover bid for Teck still stands, after the Canadian miner scrapped a restructuring plan that would have ended it. Teck on Wednesday ditched its plan to split into Teck Metals and Elk Valley Resources, hours before shareholders were due to vote on the plan.
“Thousands of Canadian jobs depend upon Teck Resources’ survival as a Canadian-owned and operated business,” said Rick Perkins, Shadow Minister for Innovation, Science and Industry. “Conservatives will keep strong Canadian mining jobs in Canada, rather than allowing an ethically compromised company from shipping these jobs overseas.”
Glencore also confirmed it remained willing to engage with the board and management of Teck to attempt to address the issues they have raised.
"We believe that with engagement, we could further improve our proposal’s structure, terms and value, which would be in the best interests of all Teck shareholders," the company said in a statement.
Glencore stressed that it remained willing to make an offer directly to Teck shareholders if there continued to be no engagement from the Teck board.
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