Glencore says takeover bid for Teck Resources still stands

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FILE PHOTO: FILE PHOTO: Logo of Teck Resuurces at Prospectors and Developers Association of Canada conference in Toronto

By Clara Denina

LONDON (Reuters) -Glencore Plc said on Thursday its takeover bid for Teck Resources Ltd still stands, after the Canadian miner scrapped a restructuring plan that would have ended it.

The Swiss mining giant added that it was willing to engage with Teck's board to improve its proposal structure, but would still make an offer directly to shareholders if there was no response.

On Wednesday, the Vancouver-based miner withdrew its plan to split in two, a surprise development just ahead of a key shareholder vote as Glencore circled with a $22.5-billion offer made in March and the promise of a sweeter one.

Teck, which for weeks had defended its plan to separate its copper and coal businesses as a better option for shareholders, could not convince the majority of them.

It chief executive, Jonathan Price, repeated on Wednesday his objection to Glencore's bid, saying he would "not engage in something that is a distraction".

Glencore's plan would combine and spin off its thermal coal unit and Teck's steelmaking coal business, while rebranding the rest of the operations as GlenTeck.

Glencore also said it "remains committed to ensuring that its proposal delivers real benefits to Canada."

On Monday, Chrystia Freeland, Canada's deputy prime minister, said Teck should remain headquartered there, providing the clearest indication to date that Ottawa was closely watching the takeover battle.

(Reporting by Clara Denina, Radhika Anilkumar; Editing by Rashmi Aich and Clarence Fernandez)