Glencore Plc said on Thursday its takeover bid for Teck Resources Ltd still stands, after the Canadian miner scrapped a restructuring plan that would have ended it.
Teck, which for weeks had defended its plan to separate its copper and coal businesses as a better option for shareholders, could not convince the majority of them.
It chief executive, Jonathan Price, repeated on Wednesday his objection to Glencore's bid, saying he would "not engage in something that is a distraction". Glencore's plan would combine and spin off its thermal coal unit and Teck's steelmaking coal business, while rebranding the rest of the operations as GlenTeck.
Glencore also said it "remains committed to ensuring that its proposal delivers real benefits to Canada."there, providing the clearest indication to date that Ottawa was closely watching the takeover battle.
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