Glencore’s Nagle Open to Meeting Teck CEO to Discuss Bid
Glencore Plc Chief Executive Officer Ivan Nagle is open to meeting with Teck Resources Ltd. CEO Don Lindsay to discuss a potential bid for the Canadian miner.
Nagle said he would be willing to meet with Lindsay “anywhere” to discuss a potential bid. He made the comments in an interview with Bloomberg Television on Monday.
“We have a great relationship with Don Lindsay and Teck,” Nagle said. “We’d be happy to meet with him anywhere to discuss a potential bid.”
Nagle’s comments come after Teck announced last week that it was exploring strategic alternatives, including a potential sale of the company. Teck is one of the world’s largest producers of copper, zinc, and coal.
The company has been under pressure from activist investors to explore a sale. Teck’s shares have surged more than 40% since the announcement.
Nagle said Glencore is interested in Teck, but he declined to comment on whether the company is actively pursuing a bid.
“We’re always interested in opportunities that make sense for our shareholders,” he said. “We’re always looking at opportunities that make sense for our shareholders and our business.”
Nagle also said that Glencore is open to other forms of cooperation with Teck, such as joint ventures or partnerships.
“We’re open to any kind of cooperation that makes sense for both companies,” he said.
Glencore is one of the world’s largest commodities traders and miners. The company has operations in more than 50 countries and employs more than 150,000 people.
The company has been expanding its presence in the mining sector in recent years. In 2018, it acquired a majority stake in the Cobre Panama copper mine in Panama.
Glencore has also been expanding its presence in the oil and gas sector. In 2019, it acquired a majority stake in the Canadian oil and gas company, Husky Energy.
Nagle said that Glencore is looking for opportunities to expand its presence in the mining sector.
“We’re always looking for opportunities to grow our business,” he said. “We’re looking for opportunities to expand our presence in the mining sector, and Teck is certainly one of those opportunities.”
Teck Resources Exploring Strategic Alternatives
Teck Resources Ltd. is a Canadian mining company that is one of the world’s largest producers of copper, zinc, and coal. The company has been under pressure from activist investors to explore a sale.
Last week, Teck announced that it was exploring strategic alternatives, including a potential sale of the company. The announcement sent the company’s shares surging more than 40%.
Teck’s board of directors has formed a special committee to explore the strategic alternatives. The committee is being advised by a team of financial and legal advisors.
The company said that it is in the early stages of the process and that there is no assurance that any transaction will be completed.
Teck’s CEO Don Lindsay said that the company is open to all options that will create value for shareholders.
“We are open to all options that will create value for our shareholders,” he said. “We are committed to exploring all strategic alternatives that will maximize value for our shareholders.”
Glencore’s Interest in Teck Resources
Glencore Plc Chief Executive Officer Ivan Nagle said that the company is interested in Teck Resources Ltd. and is open to meeting with Teck’s CEO Don Lindsay to discuss a potential bid.
Nagle said that Glencore is open to other forms of cooperation with Teck, such as joint ventures or partnerships.
“We’re open to any kind of cooperation that makes sense for both companies,” he said.
Glencore has been expanding its presence in the mining sector in recent years. In 2018, it acquired a majority stake in the Cobre Panama copper mine in Panama.
Nagle said that Glencore is looking for opportunities to expand its presence in the mining sector.
“We’re always looking for opportunities to grow our business,” he said. “We’re looking for opportunities to expand our presence in the mining sector, and Teck is certainly one of those opportunities.”
Activist Investors Pressure Teck Resources
Teck Resources Ltd. has been under pressure from activist investors to explore a sale. Last week, the company announced that it was exploring strategic alternatives, including a potential sale of the company.
The company’s board of directors has formed a special committee to explore the strategic alternatives. The committee is being advised by a team of financial and legal advisors.
Teck’s CEO Don Lindsay said that the company is open to all options that will create value for shareholders.
“We are open to all options that will create value for our shareholders,” he said. “We are committed to exploring all strategic alternatives that will maximize value for our shareholders.”
Activist investors have been pushing for Teck to explore a sale for some time. They argue that the company’s assets are undervalued and that a sale would unlock value for shareholders.
The company’s shares have surged more than 40% since the announcement. It remains to be seen if Teck will ultimately decide to pursue a sale.