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Government Watching Teck-Glencore Deal Closely: Freeland

  • Deputy PM Freeland has said the government is watching the Teck-Glencore deal closely, saying “we need companies like Teck here in Canada”.
  • It follows Teck, Canada's largest diversified mining company, originally rejecting a hostile takeover approach from Glencore made privately on Mar 26, before Glencore noted willingness to improve its $22.5B offer last Wednesday and that it could take the offer to Teck’s shareholders if the board failed to engage.
  • It comes ahead of Teck’s own plan to spin off its metallurgical coal business and focus on copper and zincs with a vote set for April 26.

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