Teck Resources profit misses estimates as Glencore circles
Canadian miner Teck Resources Ltd (TECKb.TO), the target of an unsolicited takeover bid by Glencore (GLEN.L), narrowly missed first-quarter estimates on Wednesday, hit by lower product prices, weak copper and zinc sales and higher expenses.
Teck reported an adjusted profit of C$1.81 per share for the three months ended March 31, compared with the average analyst estimate of C$1.82, according to Refinitiv IBES data.
Teck has repeatedly rejected approaches from Swiss commodities giant Glencore and has pushed ahead with its own proposed restructuring plan that would lead to a spinoff of its metallurgical coal business and a focus on copper and zinc.
Some Teck shareholders have already cast their votes on the miner’s proposal to split its coal and metals businesses. The results are scheduled to be released at the annual general meeting later in the day, which could still be halted if the company thinks the vote is not in its favour.
Glencore has said that there is no deal if shareholders vote in favor of Teck’s split. Canada’s largest pension fund CPPI voted against the split over the weekend then changed its vote to favour the move, according to its website.
This report’s information was first seen on REUTERS; to read more, click this link.