Shares of the mining company, Teck Resources (TECK) were on an upswing at the time of writing in pre-market trading on Wednesday after a Bloomberg report that trading and mining company, Glencore (UK:GLEN) could sweeten the bid for Teck Resources from its earlier offer of $23 billion.
Glencore aims to bring Teck to the negotiating table by raising its offer and increasing the pressure on its shareholders, according to the report. However, a potential hurdle still exists in Norman Keevil, “a Canadian mining patriarch whose family’s “supervoting” shares give him a veto on any big decisions.” He has strongly opposed a Glencore takeover.
However, an increased bid would pressurize Teck’s board after the company was back to square one after its strategy to split its coal business was met with a failed vote back in April.
Analysts are bullish about TECK stock with a Strong Buy consensus rating based on 13 Buys and one Hold.