Teck Shareholders Approve Wind Down of Dual-Class Shares
- Vote follows decision to scrap complex plan to split Teck
- Dual-class share structure provides key takeover defense
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Teck Resources Ltd. shareholders overwhelmingly voted on Wednesday to wind down the dual-class share structure that has long made the Canadian miner immune to large takeover deals.
The vote capped a pivotal day for one of Canada’s largest mining companies, with Teck scrapping a shareholder vote on plans to split its metals and coal businesses while maintaining ts opposition to Glencore Plc’s unsolicited $23 billion takeover bid. Still, the vote end Teck’s dual-class structure over six years stayed on the agenda, with investors endorsing the plan that will end the Keevil family’s grip on the firm.