Billionaire Robert Friedland has become the latest prominent figure in the Canadian mining industry to come out in defence of Teck Resources (TSX: TECK.A, TECK.B) (NYSE: TECK), which is facing a hostile $23.1bn takeover bid from Swiss commodities giant Glencore (LON: GEN).
The mining veteran, who has a stake in Teck through his company Ivanhoe Mines (TSX: IVN), warned late on Monday through a series of tweets that investors should not take lightly the attempted takeover of a Canadian “champion.”
“Losing another quintessential Canadian support mechanism to multinationals could corporatize and hollow out our unique ecosystem that has so successfully explored our vast landmass,” Friedland said.
Friedland highlighted Teck’s history of supporting Canadian junior mining and exploration companies, including Diamond Field Resources (known today as DFR Gold) — the richest nickel discovery in the world in the last 50 years.
For the rest of this article: billionaire-robert-friedland-comes-out-in-defence-of-teck/
This article was published by: Stan
Visit the original article here
