Two years ago, when Glencore Plc proposed an unsolicited, $23 billion takeover of Teck Resources Ltd., the Canadian miner’s founder decisively rejected the idea. “Now is not the time,” Norman Keevil Jr. said back then.
Fast forward to 2025, and the 87-year-old Keevil is one of the chief proponents of a mammoth deal to combine Teck with London-based Anglo American Plc. The merger would create a roughly $60 billion company and one of the world’s top copper producers. But both companies describe it as a zero premium deal, in contrast to Glencore’s proposal, which initially offered a 20% takeover premium.
Leaving that money on the table was the price Keevil was willing to pay to keep the company headquartered in Canada. The industry veteran, who built Teck with his father about six decades ago, is also the controlling shareholder, giving him significant sway over Canada’s largest diversified…
