Canada's Trudeau says Glencore deal for Teck would face tough review - Bloomberg News
(Reuters) - Any takeover bid for Canadian miner Teck Resources Ltd will have to get through a "rigorous process" to win government approval, Canadian Prime Minister Justin Trudeau said in an interview to Bloomberg Television on Friday.
The prime minister's comments comes after Teck withdrew its plan to split into two earlier this week ahead of a shareholder vote on it, as the miner tries to fend off $22.5 billion takeover attempt from Glencore Plc.
Trudeau said if the government is asked to approve a deal, it will be consistent in applying Canada's takeover rules "so investors can know what they're getting into".
Teck had for weeks defended its plan to separate its copper and coal businesses as a better option for shareholders, but could not convince the majority of them.
Glencore said on Thursday its takeover bid for Teck Resources still stands. The two companies did not immediately respond to Reuters requests for comment.
(Reporting by Arunima Kumar in Bengaluru; Editing by Arun Koyyur)