The chief executive of Teck Resources has called Glencore’s unsolicited bid for the Canadian mining group a “non-starter” and is urging shareholders to vote for a separation of the business instead.
Jonathan Price, who has led Teck since September, said in an interview with the Financial Times that the proposal from the Swiss-based commodity trading and mining group would destroy shareholder value, adding that there were “fundamental flaws” in the deal’s structure.
It is the first time Price has spoken publicly since Teck’s board rejected the hostile approach from Glencore earlier this month. A tie-up between the two companies would create a natural resources giant valued at more than $90bn.
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