Glencore has said it is willing to improve its $23bn offer for Teck Resources if the Canadian mining company’s board is prepared to engage with it to discuss in the deal.
In a letter addressed to Teck shareholders on Wednesday morning, Glencore chief executive Gary Nagle said the Teck board had “consistently refused any engagement”.
“Glencore has never stated that its proposal is ‘best and final’,” Nagle wrote. “We believe that with engagement, we could improve our proposal’s terms and value, which would be in the best interests of all Teck shareholders.”
Earlier this month the Swiss-based commodities trading company proposed to acquire Teck Resources, merge the two companies, then split then into a coal and metals business.
Teck’s board unanimously rejected Glencore’s bid, as well as an improved offer, saying the proposal was a “non-starter”.
Teck’s shareholders will vote on April 26 whether to approve the company’s earlier plan to split itself in two — a vote that is increasingly seen as an indirect referendum on Glencore’s offer.
Wednesday’s public letter is the first time that Glencore has addressed Teck’s shareholders directly, whereas previously it had addressed the board.
