Glencore CEO Gary Nagle expressed in an open letter to Teck Resources shareholders the company’s willingness to improve its offer of some 23 billion dollars (20.986 million euros) for the Canadian mining company, including the board of directors rejected the proposal presented at the beginning of April.

“Glencore has never stated that its proposal is ‘the best and most definitive’ and that it was unwilling to make changes and improvements to its proposal,” the executive said in its letter.

However, he notes that such improvements could be better considered “after the involvement of the Teck board”, which would allow the parties to jointly explore ways in which Glencore could modify its proposal to address the issues raised.

“In fact, we believe that with a compromise, we could improve the terms and value of our proposal, which would benefit all Teck shareholders,” he defends himself.

In this sense, the senior executive of Glencore assures that the company has tried to reach a compromise with the board of directors of Teck concerning the proposal, but the latter “has always refused any compromise”.

“We continue to believe that the ‘merger-spin-off’ proposal, being a merger and not an acquisition, is demonstrably superior to Teck’s spin-off proposal,” he adds.

In early April, Glencore proposed a merger by exchanging 7.78 shares of the company for each Class B subordinate voting share of Teck and 12.73 shares of Glencore for each Class A ordinary share of Teck.

Once the Canadian miner was acquired, Glencore’s proposal would see the thermal and metallurgical coal business, as well as the merged company’s ferroalloy business, spun off into a new publicly traded company, CoalCo, while the remaining company (MetalCo) would include the base metals operations of Glencore and Teck, as well as the oil and other commodities trading businesses of Glencore.

Subsequently, in order to win the support of Teck’s management, Glencore proposed to introduce a cash element into the proposal to buy out Teck shareholders of their coal exposure, so that Teck shareholders would receive 8, 2 billion dollars (7,482 million euros) in cash or 24% of CoalCo.

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