Teck Resources Ltd.B次元官网网址檚 board of directors has rejected the latest takeover offer from Swiss company Glencore.

The Canadian mining company said Thursday the revised offer is not in the best interest of shareholders.

Teck said its board and management team remain committed to its plan announced in February to split up its metal and steelmaking coal businesses into two companies, Teck Metals and Elk Valley Resources.

Glencore revised its unsolicited offer for Teck earlier this week to include an US$8.2-billion cash component. The proposal would see Teck shareholders receive 24 per cent of the combined metals company and cash.

Teck called the Glencore offer B次元官网网址渙pportunistic and unrealisticB次元官网网址�

Teck board chair Sheila Murray said the companyB次元官网网址檚 own plan B次元官网网址渃reates a significantly greater spectrum of opportunities to maximize value for Teck shareholders.B次元官网网址�

B次元官网网址淭eck has been clear in expressing that it is not in our shareholdersB次元官网网址� interest to be acquired by Glencore and to merge with your thermal coal or oil trading businesses,B次元官网网址� Murray wrote in a letter to the Glencore board.

B次元官网网址淎s you have now publicly stated you are prepared to spin out your thermal coal business, we suggest you proceed with that, separate your oil business, and then engage with Teck Metals after our own separation has been completed.B次元官网网址�

Teck is controlled by the Keevil family which owns the companyB次元官网网址檚 class A shares together with Japanese company Sumitomo.

B次元官网网址淣ow, pre-separation, is not the time to explore a transaction of this nature,B次元官网网址� said Norman Keevil, TeckB次元官网网址檚 chairman emeritus.

B次元官网网址淚 have the utmost confidence in the boardB次元官网网址檚 and our management teamsB次元官网网址� strategy to maximize value for each of Teck MetalsB次元官网网址� and EVRB次元官网网址檚 shareholders after the separation.B次元官网网址�

GlencoreB次元官网网址檚 initial proposal had been an all-stock offer that would have seen it acquire Teck and then split up the metals side of both companies along with parts of GlencoreB次元官网网址檚 marketing business into one company, and the combined coal and some other related assets into another company.

In revising its offer, Glencore acknowledged that certain Teck investors may prefer a full coal exit and others may not desire thermal coal exposure. The cash component was meant to effectively buy Teck shareholders out of their coal exposure.

Teck shareholders are set to vote April 26 on the companyB次元官网网址檚 plan to split its operations into Teck Metals and Elk Valley Resources.

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