The Financial Post reports in its Thursday edition that Glencore PLC is getting closer to increasing its offer for Teck Resources in a move aimed at ending weeks of limbo in the battle over the Canadian miner's future. A Bloomberg dispatch to the Post says that the Switzerland-based commodities giant is working on a potential improvement to its bid that could be announced in the coming weeks. By raising its offer and ratcheting up shareholder pressure, Glencore is seeking to force Teck to the negotiating table. The fight that transfixed the mining world moved behind the scenes in late April, when Teck's board was forced into an embarrassing reversal after failing to win enough investor support for a plan to split the company. Teck at the time reiterated its opposition to Glencore's $23-billion (U.S.) bid, and Glencore repeated that it was willing to go higher, but there has been little public movement since then. Even if it can deliver a big enough increase to win over Teck's shareholders, management and investors, there is still a potentially larger hurdle to face: Norman Keevil, the Teck patriarch whose supervoting shares give him a veto on any big decisions, has come out strongly against a Glencore takeover.
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