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Teck Up after Report that Glencore Could Sweeten Bid for the Miner
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Teck Up after Report that Glencore Could Sweeten Bid for the Miner

Shares of the mining company, Teck Resources (TECK) were on an upswing at the time of writing in pre-market trading on Wednesday after a Bloomberg report that trading and mining company, Glencore (UK:GLEN) could sweeten the bid for Teck Resources from its earlier offer of $23 billion.

Glencore aims to bring Teck to the negotiating table by raising its offer and increasing the pressure on its shareholders, according to the report. However, a potential hurdle still exists in Norman Keevil, “a Canadian mining patriarch whose family’s “supervoting” shares give him a veto on any big decisions.” He has strongly opposed a Glencore takeover.

However, an increased bid would pressurize Teck’s board after the company was back to square one after its strategy to split its coal business was met with a failed vote back in April.

Analysts are bullish about TECK stock with a Strong Buy consensus rating based on 13 Buys and one Hold.

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