Q: On or about May 23rd, TECK.A shares dropped about 40% eliminating the premium to the non voting "B" shares. WHY? Which shares would you recommend buying now?
5i Research Answer:
Glencore is 'working on an improved offer' for the company but its fate is really in the hands of the Keevil family which controls the 'A' shares and the government, which seems likely to block any bid. But the stock remains very cheap regardless, and we would still be comfortable buying some.