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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