Canadian copper miner Teck Resources Ltd's biggest shareholder, China Investment Corp (CIC), favors Glencore's revised takeover offer as it would allow investors to exit their coal exposure for cash, Bloomberg News reported on Friday.
revised takeover offer as it would allow investors to exit their coal exposure for cash, Bloomberg News reported on Friday.its $22.5 billion all-share takeover bid for Teck to include up to $8.2 billion in cash, but Teck's board called it "largely unchanged".
CIC, which owns a little over 10% of Teck's Class B shares, may still seek a higher bid from Glencore before supporting the offer, and senior Glencore executives have held conversations with the fund to try and win their support, the Bloomberg report said, citing people familiar with the matter.
It has instead urged its investors to vote for a restructuring proposal which will see it spin off its highly polluting coal business and focus on production of copper.CIC is considering a vote against Teck's restructuring proposal, although it has yet to make a final decision, the report added.
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