Glencore raises prospect of improved offer for Canadian miner Teck

Swiss commodities major Glencore has raised the prospect of making improvements to its $22.5-billion proposal for a merger with Canadian miner Teck Resources, with CEO Gary Nagle saying on Wednesday that the company never stated its proposal was “best and final”.

In an open letter to Teck ‘Class B’ shareholders, he said that any such improvements would be best considered following engagement by the Teck board.

Glencore has sought to engage with the board of the Vancouver-based firm, but said it had been consistently refused.