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The Swiss miner's buyout bid, which was made public last week,
includes a plan to simultaneously spin off the thermal and
steelmaking coal businesses and rebrand the remaining company as
GlenTeck.
Teck said its board has rejected the offer as Glencore did not
present a coherent plan for its proposed coal company, adding
that the deal would expose its shareholders to thermal coal,
oil, LNG and related sectors.
"Fundamental flaws of Glencore's proposal make it a non-starter
and Glencore's track record makes it an unsuitable acquirer,"
Teck said ahead of an investor call on Monday.
The company once again said more value could be unlocked through
a proposed restructuring in which the Vancouver-based miner
would spin off its steelmaking coal unit to focus on copper and
other industrial metals.
A vote on this proposal is scheduled for April 26.
The company said such a separation is the best option for
shareholders as it maximizes value, minimizes execution risk and
has no competition or regulatory hurdles, with completion
expected by the end of May.
(Reporting by Mrinalika Roy in Bengaluru; Editing by Arun Koyyur)
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