Response to Teck’s withdrawal of its separation proposal

Glencore notes the decision by Teck to withdraw its separation proposal and its recognition that a simple and direct approach to separation provides a better path to unlocking value for Teck shareholders.  

Glencore’s proposal provides Teck shareholders with a clean separation for its coal business while also creating significant additional value for Teck’s shareholders in which they would fully and disproportionately share.

Glencore confirms that its proposal still stands, and, as previously stated, we remain willing to engage with the Board and Management of Teck to attempt to address the issues they have raised.   We believe that with engagement, we could further improve our proposal’s structure, terms and value, which would be in the best interests of all Teck shareholders.

Glencore hopes that the Teck Board will, against the backdrop of the feedback provided by its shareholders, engage constructively in order to fully explore our proposal which has not been done to date. Glencore remains willing to make an offer directly to Teck shareholders if there continues to be no engagement from the Teck Board.

Glencore also remains committed to ensuring that its proposal delivers real benefits to Canada, including through a MetalsCo that will have its global asset footprint, including significant critical minerals and recycling operations in Canada, managed from Canada. Glencore looks forward to engaging with its Canadian stakeholders to ensure that they are provided with an accurate picture of Glencore’s extensive business in Canada, the significant investments Glencore has already made in developing critical minerals in Canada, as well as our commitment to being a responsible and ethical operator wherever we work.