Glencore faces a tight deadline to sweeten its proposal. Teck’s plan to separate its coal business and wind down the dual-class share structure will go to a shareholder vote on April 26. Glencore Chief Executive Officer Gary Nagle told investors in a Monday conference call that its proposal can’t be implemented if Teck’s shareholders approve that plan.

Eoin Treacy's view

Teck Resources’ plan is to spin off its coal assets from its copper production. That would allow it to meet many of its carbon mitigation goals in one fell swoop. The reason Glencore wants to buy the company is Teck has some of the best potential for copper production growth among the mid-sized miners. Additionally, Glencore is much more comfortable than most with holding coal assets.