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Canadian miner Teck Resources Ltd. on Thursday rejected an updated roughly $23 billion merger offer from Glencore PLC, saying its own plan to split into two independent companies was in the best interest of its shareholders.
Earlier this month, Glencore detailed a bid to combine with Teck and create two separate companies for their merged metals and coal businesses. Teck rejected that all-share offer, saying it would expose its shareholders to Glencore’s large thermal coal business. Glencore this week tweaked its proposal, offering Teck shareholders the option to take cash instead of shares in the companies’ combined coal operations.
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