Teck Resources (TSE:TECK.B) has released an update.
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Teck Resources has received approval from the Toronto Stock Exchange to initiate a normal course issuer bid, allowing the company to repurchase up to 40 million of its Class B shares over the next year. This move is aimed at capitalizing on moments when the share price does not reflect its underlying value, thereby potentially enhancing shareholder value through reduced share count. The repurchased shares will be cancelled, further aligning with Teck’s strategy of responsible growth and shareholder value creation.
For further insights into TSE:TECK.B stock, check out TipRanks’ Stock Analysis page.