Bankers and traders arriving in the Chilean capital this week eager to hear what the top executive of Glencore Plc’s latest acquisition target has to say aren’t going to be getting the presentation they’d hoped.
Teck Resources CEO Jonathan Price, who was supposed to participate in Tuesday’s keynote discussion panel at CRU’s World Copper Conference, was replaced late in the planning process with another member of Teck’s management team. COO Harry “Red” Conger instead joined the panel alongside leaders from other mining giants including Rio Tinto and Codelco.
The last-minute swap comes as Teck’s CEO attempts to shore up shareholder support for his plan to spin off the company’s coal assets. Glencore, meanwhile, is making a competing case to buy Teck for $23-billion instead.
“Teck’s CEO is focusing on engaging with shareholders, as there is significant shareholder interest in the value that Teck’s planned separation will create,” Dale Steeves, a Teck spokesperson, said in an email to Bloomberg when asked about the agenda swap.