Teck says Glencore is trying to disrupt separation plans

Canadian miner Teck Resources on Wednesday urged investors not to be distracted by Glencore’s merger attempt, stressing that the Swiss commodities giant’s proposal was neither realistic, nor viable.

Teck CEO Jonathan Price dismissed Glencore CEO Gary Nagle’s latest presentation and open letter to Teck ‘Class B’ shareholders as a distraction aimed at disrupting the Vancouver-based firm’s separation plan vote, set for April 26.

“Glencore admits that they are uniquely positioned to make an offer for Teck in its current form; the pending separation will correct that by opening up a wider range of opportunities for value enhancement,” said Price.