(Reuters) – Copper miner Teck Resources on Wednesday said it has withdrawn its proposed restructuring plan ahead of a shareholder vote on the proposal amid Swiss mining giant Glencore Plc’s attempts to buy the company.
Here is the snapshot of key events in the saga so far.
Date Development
March Glencore privately offers to merge with Teck
26 Resources in a $22.5 billion all-share deal.
April Teck rejects Glencore’s offer citing reluctance to
3 expose its shareholders to thermal coal, oil, LNG and
related sectors.
April Teck Chief Executive Jonathan Price reinforces the
10 rejection of Glencore’s unsolicited bid and tells
shareholders that Teck’s restructuring plan is the
only viable option.
Reuters reports that Glencore Chief Executive Gary
Nagle plans to personally meet some Canadian
shareholders of Teck to get their support for the
merger.
April Glencore modifies its $22.5 billion all-share
11 takeover bid to include up to $8.2 billion in cash,
which Teck’s board dubs “largely unchanged”.
April Several Teck shareholders ask Glencore to sweeten its
12 takeover bid.
April Teck rejects the improved bid and tweaks its own
13 restructuring plan to allow for an earlier full
separation of its metals and coal divisions.
Influential proxy advisor Institutional Shareholder
Services (ISS) advises shareholders to reject Teck’s
restructuring plan on uncertainties and structural
issues.
April Bloomberg News reports that Teck’s biggest
14 shareholder China Investment Corp (CIC) favors
Glencore’s revised offer as it allows investors to
exit their coal exposure for cash.
April Bloomberg News reports that Advisory firm Glass Lewis
15 has recommended to its shareholders to vote against
Teck’s plan to spin off its coal segment.
April Vale SA, Anglo American Plc and Freeport-McMoRan Inc,
16 among others, approach Teck to explore deals for its
base metals business if the spinoff takes places,
sources tell Reuters.
Teck’s Chairman Emeritus Norman Keevil says he would
support deals for the base metals business of Teck
post spinoff.
April A source tells Reuters that Glencore’s executives
17 have met or spoken with some 120 Teck shareholders to
win support for their takeover bid.
Teck denies media reports that stated its largest
shareholder CIC favored the Glencore deal.
April Teck CEO Price again advises shareholders to back the
18 spinoff in a hastily arranged conference call after
skipping the World Copper Conference in Chile.
April In an open letter, Glencore says it is willing to
19 improve the $22.5 billion bid and will consider
taking the offer directly to shareholders if Teck’s
board refuses to discuss the deal.
Teck says Glencore is seeking to frustrate the vote
and pre-empt a competitive future landscape. Teck
reiterates its recommendation that shareholders vote
for a planned spin-off.
Teck shareholder Waratah Capital Advisors says it has
voted against the restructuring plan. As of March 7,
the asset management firm held about 2.3 million
class B subordinated voting shares.
April Norway’s sovereign wealth fund, one of the world’s
21 largest investors, says it would support Teck’s
spinoff proposal.
April Canadian Finance Minister Chrystia Freeland says Teck
24 should remain headquartered in Canada amid the merger
talk.
April Teck withdraws its proposed restructuring proposal
26 ahead of a shareholder vote on the plan.
(Reporting by Sourasis Bose in Bengaluru; Editing by Shilpi Majumdar and Sriraj Kalluvila)