The offer is one of the largest mining takeover attempts in several years
Canadian miner Teck Resources Ltd. said it had rejected an unsolicited takeover bid from Glencore PLC, an offer that marks the Swiss-based company’s return to the sort of ambitious acquisition activity that turned it into a commodities giant.
The offer, one of the largest mining takeover attempts in several years, would value Teck at around 31 billion Canadian dollars, or around $23 billion. Teck has a large portfolio of copper, and Glencore, which has shied away from acquisitions since being hit by several high-profile regulatory probes, has positioned itself as one the biggest suppliers of resources critical for electric vehicles and clean energy storage.
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