Canada’s Teck Resources Ltd TECK-B-T +0.80%increase said on Monday that its board has unanimously rejected an unsolicited acquisition proposal from Swiss commodity firm Glencore Plc.
U.S.-listed shares of Teck rose 10 per cent in premarket trading.
The offer would see Glencore acquiring Teck and subsequently creating two businesses which would expose Teck shareholders to thermal coal and oil trading, the Canadian copper miner said in a statement.
The proposed separation into Teck Metals and Elk Valley Resources is in the best interest of Teck and all its stakeholders, it added.
“The board is not contemplating a sale of the company at this time,” Teck Chair Sheila Murray said.
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