Letko Brosseau to vote in favor of Teck’s separation plan

Credit: Teck Resources

Teck Resources investor Letko Brosseau said on Thursday that it intends to vote in favor of the Canadian miner’s plan to create two separate companies, and that Glencore’s unsolicited takeover bid for Teck is not “attractive.”

Letko Brosseau does not find the offer put up by Glencore attractive, Peter Letko, founding partner of the Montreal based investment firm, told Reuters. It “would prefer a competitive bidding for Teck assets post the split,” he said.

Brosseau owns 3.7 million shares, or 0.7%, of Teck’s shares outstanding.

(By Divya Rajagopal and Ismail Shakil; Editing by Chizu Nomiyama)

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