Robert Friedland Speaks Out Against Teck-Glencore Deal
American-Canadian investor Robert Friedland on Monday had a few things to say about Teck Resources Limited (NYSE: TECK) following a takeover attempt from Swiss miner Glencore Plc (LON: GLEN).
The Ivanhoe Mines founder and co-chairman praised Teck and its founders the Keevil family as well as its Japanese supporters, emphasizing the mining giant’s “storied Canadian history” in “leading an ecosystem that supports countless Canadian junior mining and exploration companies … including Diamond Field Resources, the richest nickel discovery in the world in the last 50 years.”
The billionaire warned against selling Teck to the Swiss miner, describing it as sacrificing a “champion at the altar of short-term gain.”
The tweets come as Glencore executives meet or speak with about 120 Teck shareholders to rally support for the unsolicited $23 billion all-share acquisition offer, while the Canadian miner races to gather support for its plan to spin off its metallurgical coal business. Investors are set to vote on the decision on April 26.
Teck’s stock soared to 11-year highs as a number of other foreign mining firms have reportedly approached Teck for a deal to acquire its base metals division if the Canadian copper miner goes forward with its planned split.
Teck last traded at US$48.05 on the NYSE.
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