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Teck Resources (NYSE:TECK) has been approached by Vale (VALE), Anglo American (OTCQX:AAUKF) (OTCQX:NGLOY) and Freeport McMoRan (FCX) on potential deals for its base metals business, if the company splits in two as planned, The Globe and Mail reported Sunday.
The approaches from the three mining giants are among expressions of interest from at least a half dozen major miners inquiring about deals with Teck (TECK) following the split, according to the report.
The inquiries come as Teck (TECK) tries to fend off unsolicited takeover bids from Glencore (OTCPK:GLCNF) (OTCPK:GLNCY), which modified its $22.5B all-stock offer to include up to $8.2B in cash.
Teck (TECK) has repeatedly rejected Glencore's (OTCPK:GLCNF) (OTCPK:GLNCY) offer of merging the companies and then spinning off the combined thermal and steelmaking coal businesses, instead asking shareholders to vote for a restructuring proposal that would include spinning off the coal business and focus on copper production.
Teck (TECK) Chairman Emeritus Norman Keevil said Sunday he would support any kind of transaction for Teck Metals after a separation but only on the right terms.
"Pursuing a sale or merger transaction now would rob our shareholders of significant post-separation value," Keevil said, adding that "Glencore's proposal is the wrong one, as well as at the wrong time."
Proxy advisors ISS and Glass Lewis have urged shareholders to reject Teck's restructuring plan.