Glencore is still pursuing Teck after $23bn bid rejected

Glencore is still pursuing its $23-billion proposal to buy Teck Resources and seeking talks with the Canadian company’s management, undeterred by firm rejections from both Teck’s board and controlling shareholder.

Glencore has proposed an ambitious multi-stage deal to acquire Teck for shares and then spin off both firms’ coal businesses into a new company. The plan would give Glencore control of Teck’s lucrative copper mines at a time when the world is bracing for a shortage, and allow it to get out of thermal coal — the most polluting fuel. It would be Glencore’s biggest deal since its 2013 acquisition of Xstrata, and the strongest sign yet that the world’s biggest miners are wading back into mega deals.