Teck Cancels Shareholders Vote on Split-Proposal

Teck has canceled a shareholders vote on the company’s plan to split its metals and coal divisions into separate companies.

The vote was scheduled for today (Apr. 26) during Teck’s Annual General Meeting.

Board Chair Sheila Murray said the company values shareholder feedback on the plan.

“The board will focus on incorporating the feedback heard into a revised value-enhancing separation to maximize value for shareholders” she said in a company release.

CEO Jonathan Price stated that feedback would be incorporated into a simplified separation plan.

“Our plan going forward is to pursue a simpler and more direct separation, which is the best path to unlock the full value of Teck for our shareholders,” he added in the company news release.

The Swiss company who has made two unsolicited bids for Teck has been urging shareholders to vote against the separation proposal.

Glencore officials indicated approval by Teck shareholders would kill any possible deal to takeover the Vancouver based company.

Glencore added an 8.2 billion dollar cash offer to their original hostile takeover bid, both of which were rejected.

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