Teck withdraws separation proposal
Canadian miner Teck Resources on Wednesday morning withdrew its separation proposal that was due to be considered by shareholders at a meeting scheduled for later in the day.
Shareholders were voting on Wednesday on the proposed reorganisation of the business into Teck Metals and Elk Valley Resources (EVR), as well as on the stock option plan for EVR and the shareholder rights plan for the coal entity.
Instead, the company would now pursue a "simpler and more direct separation", said CEO Jonathan Price.