(Bloomberg) -- Canadian miner Teck Resources Ltd. said it received and rejected an all-share acquisition proposal from Glencore Plc.
The proposal from Glencore “would see that company acquire Teck and subsequently separate to create two businesses, which would expose Teck shareholders to thermal coal and oil trading,” Teck said in a statement.
“The board is not contemplating a sale of the company at this time. We believe that our planned separation creates a greater spectrum of opportunities to maximize value for Teck shareholders,” said Teck chairperson Sheila Murray.
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