TSX:TECK.A - Post by User
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4CommonSenseon May 23, 2023 8:59pm
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Post# 35461140
Slippery slope - Legally
Slippery slope - Legally Given that the BoD has a fiduciary responsibility to act in the best interests of the COMPANY (and all the S/Hs). Is it in the best interests of the COMPANY (vs. the wishes of a single S/H or some 3rd party) to keep the company "Canadian" at any cost?
The Glencore bid has set a minimum value for company. Whatever scheme is developed to split the company has to create and something of equal value for the company (and s/hs).
This "Canadian' arguement is really a lot of smoke and mirrors i.e., BS. Most of Teck's metal assets are outside Canada (ignoring TRAIL which is probably more of a liability than asset in the future). Many S'/Hs are not Canadians. The CEO is English and is also located outside. Glencore also already has significant mining assets in Canada.
Therefore, it appears the issue is ownership and control of the COAL mines and if they have to be owned by Candians. Do we really want the coal mines to be owned by Canadians in any case and/or do the S/Hs really care? (it might be better that they aren't).
What course of action is in the 'best interest' of the COMPANY? If Glencore is correct, maybe the combined companies are in the best interst of both Teck and Glencore...Glencore appears to have a creditable opinion about this.