RE:PolyMet 50:50 joint venture agreement with Teck ResourcesInteresting how this deal came together,,,,, and subsequently Glencore got paid for all the polymet debt that they held and now own 80+% of Polymet.... and then they turn around and make an offer for Teck....their partner in the new joint venture.....hmmm.... perhaps this project is a bit stronger than we might think. I also have to think that with all the brain damage that comes with operating a 75%+ owned subsidiary that Glencore will make an offer for the balance of the polymet shares that they do not already own. Its my understanding that a listing creates/costs about $1M canadian a year when its all said and done. Add into that the brain damage of protecting minority shareholders rights etc....I dont see why Glencore wouldn't just buyout remaining shareholders ...the 15% they dont own is worth about 50 million give or take a premium :)))
GLTA
MC