Teck's Board Continues To Unanimously Recommend Shareholders Approve Reorganization

(RTTNews) - Teck Resources Limited (TECK) said the company's planned separation maximizes value and unlocks a broader range of strategic opportunities. Teck's Board continues to unanimously recommend that shareholders approve the previously announced reorganization of its business and the previously announced proposal to introduce a six-year sunset for the multiple voting rights attached to the class A common shares of Teck.

Teck noted that Glencore's proposal has been unanimously rejected by Board because: it would reduce Teck shareholders exposure to copper and introduce exposure to thermal coal and oil trading; Glencore did not present a coherent plan for its proposed coal company; there is no market for shares of a massive new thermal coal-focused company; and it would expose Teck shareholders to significant jurisdictional, ESG and execution risk.