Teck Resources pops higher as Bloomberg reports takeover attention

Teck Resources (NYSE:TECK) +3.3% in Friday’s trading after spiking as much as 6% following a Bloomberg report is drawing takeover attention from across the mining industry because of its attractive copper assets.

Teck (TECK) is seen as a logical merger partner in particular for Anglo American (OTCQX:AAUKF) (OTCQX:NGLOY) or Vale’s (VALE) base metals business, both of which have studied the specifics of a potential deal internally, according to the report.

Larger rivals, including BHP (BHP), Rio Tinto (RIO) and Freeport-McMoRan (FCX) reportedly are also watching Teck (TECK) closely and could be in a position to respond if another player made the first move.

There is no certainty that any of the companies will ultimately make an offer for Teck (TECK), and any potential transaction could face significant hurdles, the report said, noting the company remains controlled by its founding family, which successfully opposed an unsolicited bid last year from Glencore.