GLNCY Glencore Plc (PK)

   By Ian Walker 
 

Glencore PLC on Tuesday offered a cash incentive to Teck Resources Ltd. shareholders that effectively buys them out of their coal exposure.

The London-listed Anglo-Swiss commodity mining and trading company said that accepting Teck shareholders would receive 24% of MetalsCo and $8.2 billion in cash.

On Monday the Canadian miner said its board continued to unanimously recommend shareholders approve the plan to spin off its steelmaking coal business to shareholders, creating two independent companies, Teck Metals Corp. and Elk Valley Resources Ltd.

Last week Glencore submitted a proposal to Teck Resources to merge the two businesses in an all-share deal, with a simultaneous demerger of their combined coal business.

At the time Glencore said the deal would unlock $4.25 billion to $5.25 billion of estimated post-tax synergy value and would give its shareholders 76% of the merged company.

"Glencore continues to believe that the respective Glencore and Teck businesses are uniquely complementary and that the creation of MetalsCo and CoalCo through the proposed merger demerger is a compelling opportunity to create material value for the companies' shareholders, through delivering a truly standalone MetalsCo and CoalCo, and that opportunity will be lost if Teck instead proceeds with the proposed Teck separation," Glencore said Tuesday.

Glencore shares at 1213 GMT were up 6.90 pence, or 1.5%, at 464.25 pence.

(END) Dow Jones Newswires

April 11, 2023 08:34 ET (12:34 GMT)

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