Teck Resources: Hold Rating Amid Acquisition Speculation and Operational ChallengesWe would value this potential opportunity at US$6-7bn. For more details on potential to exploit adjacencies between QB and Collahuasi, see our Global Metals & Mining: Exploiting Adjacencies — to our views. As we noted in our recent downgrade note (here), Teck has regularly missed its copper guidance since 2023 citing various operational issues at QB (here). In our view, these operational struggles and subsequent share performance have created a potential opportunity for companies to consider a possible bid for Teck on the assumption that they can run the assets better. Against this backdrop, if a bid were to be confirmed, we believe Teck's board of directors would be walking a fine line and Teck might have to entertain any serious/ reasonable offers and put them to shareholder vote.