Copper has bounced around, but a fire at a Boliden mine and new stimulus from China raise expectations for higher prices in the short term. TECK is down from its high but up 10.6% this year. The issue we think is that the Keevil family, owning multi-voting shares, is in complete control of the takeover process. If they want a deal, it will happen. If not, it won't. Many institutions dislike this process and may be holding back on playing the takeover possibility. The stock is very cheap, but at least with the potential split the family/mgmt has recognized this, and tried to do something about it. The companies at least are now talking, so the hostilities have been reduced.
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