OSLO, April 21 (Reuters) – Norway’s sovereign wealth fund, one of many world’s largest traders, stated on Friday it’ll assist a plan by Canadian miner Teck Assets (TECKb.TO) to spin off its metallurgical coal enterprise and concentrate on copper and zinc.
By voting in favour of the Teck board’s proposed spin-off at a gathering of shareholders on April 26, the Norwegian fund implicitly rejected Swiss miner Glencore’s (GLEN.L) tried takeover of the Canadian group.
Glencore on Wednesday stated it was keen to enhance its $22.5 billion supply for Teck, elevating stress on the Canadian miner to ditch a restructuring plan and sit down on the negotiating desk.
However the Norwegian sovereign wealth fund, which doesn’t personal shares in Glencore as a result of Swiss firm’s giant thermal coal enterprise, stated it could vote in favour of Teck’s plan.
The Norwegian fund on the finish of 2022, the final obtainable knowledge, owned a 1.48% stake in Teck Assets value $287 million, whereas its share of voting rights beneath the miner’s dual-class share construction stood at 0.59%.
Glencore had final week proposed to introduce a money element to its earlier all-share bid for Teck in an effort to persuade these traders preferring a full thermal coal exit to assist its proposal.
Reporting by Terje Solsvik, enhancing by Essi Lehto
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