A mining analyst says an apparent effort by industry veteran Pierre Lassonde to buy Teck ResourcesB次元官网网址� coal business could disrupt GlencoreB次元官网网址檚 push to take over the Canadian firm.
National Bank analyst Shane Nagle says the effort by a consortium led Lassonde, as reported in the Globe and Mail, could greatly reduce regulatory uncertainty for Teck and may thwart GlencoreB次元官网网址檚 attempt to acquire TeckB次元官网网址檚 portfolio.
Nagle says in a note that Lassonde, co-founder and chair emeritus of Franco-Nevada Corp., has long been a critic of foreign takeovers of Canadian mining companies and has previously supported TeckB次元官网网址檚 planned coal spinout.
Teck has been pushing back against efforts by Glencore to take over the company, but the future of the Vancouver-based company is unclear after it was forced to abandon its own restructuring plan in late April when it didnB次元官网网址檛 secure enough shareholder support.
The federal government has emphasized the importance of Teck with Prime Minister Trudeau noting any proposed deal from Glencore would face a B次元官网网址渞igorousB次元官网网址� review, while Industry Minister Fran莽ois-Philippe Champagne has said the government likes Teck as a Canadian company.
Teck said in a statement that it does not comment on market rumours or speculation. Lassonde could not be reached for comment.
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