(Bloomberg) -- GLencore Plc reiterated its offer to buy Teck Resources Ltd after the Canadian miner’s shareholders rejected a plan to split the business, and said it’s still willing to raise its bid.
Teck canceled a shareholder vote on a plan to spin off its coal business just hours before a shareholder meeting on Wednesday, admitting that it did not have the support it needed. The company said it would work on a new plan and once again dismissed Glencore’s $23 billion offer.
Glencore repeated that it was willing to improve its offer should the company start talks, but that it is prepared to make an offer directly to Teck shareholders otherwise.
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