Wrap Text
GLN - Response to Teck’s withdrawal of its separation proposal
GLENCORE PLC
(Incorporated in Jersey under the Companies (Jersey) Law 1991)
(Registration number 107710)
JSE Share Code: GLN
LSE Share Code: GLEN
ISIN: JE00B4T3BW64
LEI: 2138002658CPO9NBH955
Baar, Switzerland
28 April 2023
Response to Teck’s withdrawal of its separation proposal
Glencore notes the decision by Teck to withdraw its separation proposal and its
recognition that a simple and direct approach to separation provides a better path to
unlocking value for Teck shareholders.
Glencore’s proposal provides Teck shareholders with a clean separation for its coal
business while also creating significant additional value for Teck’s shareholders in which
they would fully and disproportionately share.
Glencore confirms that its proposal still stands, and, as previously stated, we remain
willing to engage with the Board and Management of Teck to attempt to address the
issues they have raised. We believe that with engagement, we could further improve our
proposal’s structure, terms and value, which would be in the best interests of all Teck
shareholders.
Glencore hopes that the Teck Board will, against the backdrop of the feedback provided
by its shareholders, engage constructively in order to fully explore our proposal which has
not been done to date. Glencore remains willing to make an offer directly to Teck
shareholders if there continues to be no engagement from the Teck Board.
Glencore also remains committed to ensuring that its proposal delivers real benefits to
Canada, including through a MetalsCo that will have its global asset footprint, including
significant critical minerals and recycling operations in Canada, managed from Canada.
Glencore looks forward to engaging with its Canadian stakeholders to ensure that they
are provided with an accurate picture of Glencore’s extensive business in Canada, the
significant investments Glencore has already made in developing critical minerals in
Canada, as well as our commitment to being a responsible and ethical operator wherever
we work.
For further information please contact:
Investors
Martin Fewings t: +41 41 709 28 80 m: +41 79 737 56 42 martin.fewings@glencore.com
Media
Charles Watenphul t: +41 41 709 24 62 m: +41 79 904 33 20 charles.watenphul@glencore.com
www.glencore.com
Notes for Editors
Glencore is one of the world’s largest global diversified natural resource companies and a major producer and
marketer of more than 60 commodities that advance everyday life. Through a network of assets, customers
and suppliers that spans the globe, we produce, process, recycle, source, market and distribute the
commodities that support decarbonisation while meeting the energy needs of today.
With around 140,000 employees and contractors and a strong footprint in over 35 countries in both
established and emerging regions for natural resources, our marketing and industrial activities are supported
by a global network of more than 40 offices.
Glencore's customers are industrial consumers, such as those in the automotive, steel, power generation,
battery manufacturing and oil sectors. We also provide financing, logistics and other services to producers
and consumers of commodities.
Glencore is proud to be a member of the Voluntary Principles on Security and Human Rights and the
International Council on Mining and Metals. We are an active participant in the Extractive Industries
Transparency Initiative.
We recognise our responsibility to contribute to the global effort to achieve the goals of the Paris Agreement
by decarbonising our own operational footprint. We believe that we should take a holistic approach and have
considered our commitment through the lens of our global industrial emissions. Against a 2019 baseline, we
are committed to reducing our Scope 1, 2 and 3 industrial emissions by 15% by the end of 2026, 50% by the
end of 2035 and we have an ambition to achieve net zero industrial emissions by the end of 2050. For more
detail see our 2022 Climate Report on the publication page of our website at glencore.com/publications.
Follow us on social media:
linkedin.com/company/glencore
twitter.com/glencore
instagram.com/glencoreplc
facebook.com/glencore
youtube.com/glencorevideos
Disclaimer
The companies in which Glencore plc directly and indirectly has an interest are separate and distinct legal entities. In this
document, “Glencore”, “Glencore group” and “Group” are used for convenience only where references are made to Glencore
plc and its subsidiaries in general. These collective expressions are used for ease of reference only and do not imply any
other relationship between the companies. Likewise, the words “we”, “us” and “our” are also used to refer collectively to
members of the Group or to those who work for them. These expressions are also used where no useful purpose is served
by identifying the particular company or companies.
Sponsor
Absa Corporate and Investment Bank, a division of Absa Bank Limited
Date: 28-04-2023 07:50:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Sharenet Sites 
