Teck Resources Ltd (TECK.B:CA) (TECK)
Teck Resources were in focus after activist investor Palliser Capital intensified pressure on Rio Tinto to make a “now or never” counterbid for the Canadian miner. Palliser, a Rio Tinto shareholder, urged the company to simplify its dual-listed structure and spin off its base metals business, positioning itself as a global copper leader. The activist’s proposal comes as Teck moves forward with its planned merger with Anglo American, which would create one of the world’s largest copper producers with an estimated annual output of 1.3 million metric tons.
The move underscores increasing competition in the copper space, as demand for the metal continues to rise amid the global transition to clean energy and electric vehicle production. Analysts remain neutral on Teck’s near-term performance, with a technical signal of “Neutral” and analyst consensus rating of “Neutral” also. The average 12 month target forecast is sits at C$63.00, representing a potential upside of 5% from recent current levels.
Teck’s shares may see heightened volatility as investors weigh potential bidding developments and broader base metal market trends, especially with copper prices showing resilience in recent months.
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