Norway wealth fund backs Teck strategy in fight with Glencore
Norway’s sovereign wealth fund voted in favor of Teck Resources' plan to spin off its coal business, as the Canadian miner fends off a takeover attempt by larger rival Glencore.
Norges Bank Investment Management voted to back all Teck’s resolutions at the vote scheduled for April 26, according to disclosure on its website. Norges Bank held about 1.5% of Teck’s Class B shares at the end of 2022, according to data compiled by Bloomberg.
The two mining companies have spent the past few weeks scrambling to win over investors ahead of the vote, after Teck revealed it had rejected an unsolicited $23-billion takeover proposal from Glencore. The Swiss commodities giant wants to buy Teck and then create two huge new companies from their combined metals and coal businesses.
Teck and its controlling shareholder, Canada’s Keevil family, have rejected the proposal and refused to enter talks. Glencore has said it will keep pursuing a deal if Teck’s spinoff doesn’t go ahead, seeking to frame Wednesday’s vote as a referendum on its own offer.
Teck’s plan to split out its coal business requires two-thirds approval from both classes of shareholders — the “supervoting” A shares dominated by the Keevil family, as well as regular Class B shares.
While several smaller Class B shareholders have expressed views on the battle, it is still not clear which way Teck’s largest investors will vote. Chinese sovereign wealth fund China Investment is the biggest holder, followed by BlackRock.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
ZF Aftermarket is the after-sales division of the world-renowned German ZF group, a global leader in mobility technology.
VISIT SHOWROOM
Electrifying the world in a safe, smart, and sustainable way, ABB Electrification is a global technology leader in electrical distribution and...
VISIT SHOWROOM
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
