Glencore reportedly preparing sweetened bid for Teck Resources

Teck Resources (NYSE:TECK) +3.5% post-market Tuesday following a Bloomberg report that Glencore (OTCPK:GLCNF) (OTCPK:GLNCY) is getting closer to increasing its offer for the Canadian company.

By raising its offer and ratcheting up shareholder pressure, Glencore (OTCPK:GLCNF) (OTCPK:GLNCY) wants to force Teck (TECK) to the negotiating table, according to the report.

Even if Glencore (OTCPK:GLCNF) (OTCPK:GLNCY) could deliver a big enough increase to win over Teck (TECK) shareholders, management and investors, a potentially larger hurdle likely would remain: Norman Keevil, whose family's "supervoting" shares give him a veto on any big decisions, and he has come out strongly against a Glencore takeover.

Yet an increased bid would increase the pressure on Teck's (TECK) board, which has been forced back to square one on its strategy to split out its coal business after April's failed vote.

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