Conservatives wouldn’t allow Teck takeover: Poilievre – Business News

Pierre Poilievre and his Conservative Party are in no position to do anything about Glencore’s bid for Teck Resources (TSX:TECK.B,NYSE:TECK), but if the Conservatives were in power, they would use the Investment Act to prevent what Poilievre calls a hostile takeover.

“A Poilievre government would bring home Canadian jobs by using the Investment Canada Act to stop this hostile foreign takeover, and take into account Glencore’s previous unethical behavior,” Poilievre said Thursday – a day after Teck canceled a vote on a plan to divide the company in two.

“A serious, Conservative government that is focused on creating jobs, protecting our supply chain, and supporting environmentally responsible companies, will make it clear that actions like Glencore’s are unacceptable.”

“Thousands of Canadian jobs depend upon Teck Resources’ survival as a Canadian-owned and operated business,” said Rick Perkins, shadow minister for Innovation, Science and Industry, said in a press release.

“Conservatives will keep strong Canadian mining jobs in Canada, rather than allowing an ethically compromised company from shipping these jobs overseas.”

Teck’s now-scrapped plan to divide Teck into two companies – one metals-focused, the other owning BC’s steelmaking coal mines — led Glencore to pitch a US$23 billion merger and demerger plan, which Teck’s board of directors have rejected.

But Glencore is persisting, and now warns that if the board of directors won’t at least entertain an updated offer to combine the companies, it will go directly to shareholders with an offer.

This opens the door to a Canadian mining giant being acquired by a bigger Swiss mining giant. It is feared that Vancouver could lose another major head office, as a result.

The bid has also stirred Canadian nationalist sentiment, with politicians and mining moguls like Ross Beaty and Robert Friedland coming out against Glencore, and arguing that Teck should remain a Canadian company.

In addition to steelmaking coal mines, Teck owns copper mines in BC and Chile and a zinc mine in Alaska. Both copper and zinc are on Canada’s new critical minerals list.

Maintaining Canadian control of these kinds of metals is now considered to be of national interest, since critical minerals are an essential part of the supply chain for making electric vehicle batteries and other clean energy technologies needed for the energy transition.

The Trudeau government has already used the national interest argument to order the divestment of Chinese investors in three Canadian lithium exploration companies – lithium being a critical battery mineral — so it’s possible the Trudeau government could end up doing what Poilievre says he would do.

Those opposing a potential takeover of a Canadian mining company by Glencore have pointed to Glencore’s dubious record as a reason to reject it. Last year, the company pleaded guilty to bribery and market manipulation, and ended up paying more than US$1 billion in fines.

The Conservatives also noted that, in 2018, the Ontario Securities Commission fined a Glencore Canadian subsidiary of more than $20 million for misleading investors.

“Similarly, Glencore performs virtually no mineral exploration, creating a dead-end for Canada’s resource sector,” the Conservatives said in a news release. “A Poilievre government will ensure that foreign companies who engage in despicable forms of corruption will not be given control of one of Canada’s most important industries.” powergaming88 powergaming88 powergaming88 powergaming88 powergaming88 powergaming88 powergaming88 powergaming88 slot zeus nolimit city sv388 slot jepang scatter hitam slot thailand link slot thailand 777 slot powergaming88 slot luar negeri slot gacor maxwin slot gacor hari ini slot gacor terbaru mahjong ways 2 slot thailand jp slot slot bni slot bri slot bsi slot danamon slot gopay slot server korea slot malaysia slot amerika slot rusia fan tan monopoly live lightning roulette mega ball sweet bonanza candyland mega sic bo mega baccarat andar bahar sbobet88 ktm303 slot dubai slot qris powergaming88 Slot Thailand Slot Zeus Pg Soft Starlight Princess Slot Gacor Maxwin Joker123 Sv388 Slot Thailand Slot Thailand Slot Qris slot thailand joker123 mahjong ways 2 888slot sweet bonanza slot jepang slot thailand slot mahjong ways slot qris slot deposit dana slot dana nolimit city slot thailand sv388 slot888 slot kamboja Slot Thailand Starlight Princess Mahjong Ways 2 Slot Maxwin slot thailand akun pro kamboja slot filipina joker123 slot zeus slot88 slot thailand slot mahjong slot megaways NEW SLOT POLA GACOR Slot Server Luar jp slot slot ganas crazy time live slot qris slot akurat slot bca slot bni qris slot zeus server thailand server hongkong slot ovo slot gopay slot linkaja joker123 nolimit city sv388 starlight princess mahjong ways pg slot slot zeus sv388 idn slot slot server thailand slot thailand ladangtoto nolimit city koi gate sicbo online roulette online lice casino live22 baccarat online nolimit city slot ovo slot gopay pragmati play starlight princess slot pg soft slot mahjong slot zeus sv388 digmaan slot mania slot zeus slot thailand server thailand ying77 slot thailand judi bola live casino sv388 pg soft slot dana mahjong ways slot mania slot x500 ladangtoto slot server kamboja digmaan digmaan slot88 scv388 sabung ayam online slot live casino sicbo online live casino online slot thailand ladangtoto sv388 ladangtoto powergaming88 66kbet powergaming88 slot thailand ladangtoto slot thailand server thailand slot thailand slot thailand slot thailand slot gacor ladangtoto2 ying77 bet server thailand slot thailand ying77 slot88 ladangtoto ladangtoto slot maxwin sv388 sv388 slot gacor 66k bet slot dana sabung ayam inline slot mahjong slot toto slot server thailand slot gacor slot server thailand slot gacor slot thailand situs slot wwg slot slot daftar judi slot online indonesia slot gacor slot mawin slot gacor slot thailand slot gacor slot gacor demo slot pragmatic sv388 slot88 pgsoft Daftar Judi Slot Online Indonesia Paling Gacor di Indonesia Daftar Situs Judi Slot Online SLOT88 lucky neko slot gacor slot88 slot kakek slot maxwin slot thailand Slot Mahjong Ways 2 Mudah Jackpot Paus di PG Soft Hari ini 2023 Lucky Neko Situs Slot Gacor Pgsoft Hari Ini SITUS SABUNG AYAM SV388 ONLINE DAFTAR LINK LOGIN APK AGEN SV388
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