London-Based Bluebell said the deal would combine two businesses with questionable synergies.

Teck has suffered a blow to its plans to separate its coal and metals operations after a major advisory firm urged shareholders to reject the move.

Glencore Chief Executive Gary Nagle is flying to Toronto to meet with some Teck shareholders on Thursday to personally lobby them to support the deal.

Glencore presented a revised plan, giving Teck shareholders the option to receive up to $8.2 billion in cash instead of shares in the spun off coal company.

Coal use in the US power market is set to decline for a second year in succession.

Both deals — if completed — would rank among the top 10 biggest takeovers of metals producers.

World’s top 50 mining companies build on gains in the first quarter of 2023, but remain well below valuations this time last year as M&A fever grips the sector.