Reported Lassonde bid for Teck coal could thwart Glencore: analyst
BNN Bloomberg
A mining analyst says an apparent effort by industry veteran Pierre Lassonde to buy Teck Resources' coal business could disrupt Glencore's push to take over the Canadian firm.
National Bank analyst Shane Nagle says the effort by a consortium led Lassonde, as reported in the Globe and Mail, could greatly reduce regulatory uncertainty for Teck and may thwart Glencore's attempt to acquire Teck's portfolio.
Nagle says in a note that Lassonde, co-founder and chair emeritus of Franco-Nevada Corp., has long been a critic of foreign takeovers of Canadian mining companies and has previously supported Teck's planned coal spinout.
Teck has been pushing back against efforts by Glencore to take over the company, but the future of the Vancouver-based company is unclear after it was forced to abandon its own restructuring plan in late April when it didn't secure enough shareholder support.
