中文
Teck Resources Ltd., a Canadian mining company, has been advised by Institutional Shareholder Services (ISS) to reject its plans to split its coal and metals operations.
The move has complicated Teck's efforts to fend off a $23 billion takeover bid from Glencore, with both CEOs in Toronto attempting to win shareholder support.
ISS stated that the separation appeared "less compelling" than the company's current status quo or "alternative structures which could be sought". The vote on the plan is due to be held on 26 April.
Teck Resources had announced in February that it was planning to split its business into two separate entities, with one focused on copper and zinc production and the other on coal. It had argued that the split would allow it to focus on its core strengths and reduce its exposure to the volatile coal market.
However, ISS has now recommended that shareholders vote against the plan, stating that it would not create significant value for shareholders and that there were other alternatives that could be pursued.
The recommendation from ISS comes as Teck is also facing a takeover bid from Glencore, which has offered $23 billion for the company.
Teck has rejected the bid, stating that it undervalues the company and is not in the best interests of shareholders. The company has also argued that it has a strong future as an independent entity, with a diversified portfolio of assets and a solid financial position.
The battle between Teck and Glencore has been closely watched by investors, with many speculating on the outcome of the vote on the split plan. Some analysts have suggested that if the plan is rejected, it could make Teck a more attractive target for Glencore, as it would remove one of the key obstacles to a successful takeover.
Despite the recommendation from ISS, Teck's management team remains committed to the split plan and is urging shareholders to support it. The company has argued that the split would allow it to unlock value for shareholders and create two strong, independent businesses that could compete more effectively in their respective markets.
(Writing by Alex Guo Editing by Harry Huo)
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