Glencore boss digs in for battle as momentum shifts against Teck

Teck Resources CEO Jonathan Price began last week on a blistering note, declaring a $23-billion takeover bid from Glencore a “non-starter” and slamming his mining rival’s history of bribery and risk.

He had good reason to be confident: Just days earlier, Teck’s controlling investor had said he wouldn’t sell to Glencore, no matter what the price. Yet less than one week later, the momentum has shifted sharply in favor of Glencore and its hard-charging South African CEO, Gary Nagle.