Securities regulators are probing Teck Resources Ltd.’s trading activity after a news report this week suggested that the miner was in talks to merge with Chile’s Antofagasta PLC, according to a person familiar with the matter.
The British Columbia Securities Commission is examining the dramatic surge in Teck’s stock price and volume after Bloomberg News reported that the mining companies were exploring a merger and had held early stage discussions.
The news, which was released Monday afternoon, sent Teck‘s stock up 15 per cent to $20.14 on the Toronto Stock Exchange before the miners issued separate statements denying the merger discussions. Teck’s stock has since dropped below levels it was trading at prior to the report of a potential merger.
The B.C. regulator declined comment.
JACQUIE MCNISH AND RACHELLE YOUNGLAI – Globe and Mail – Apr. 01 2015
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