In an interesting development, Teck Resources has withdrawn its initial restructuring plan, i.e. ambition to demerge met coal assets. While this a loss of face for Teck’s board and the Keevil family, it is a reflection of Glencore engaging well with the non-family shareholders. And now the odds of the Swiss giant’s offer sailing through (without risk of overpaying) are higher. Overall, Glencore remains our preferred diversified mining bet.
