https://www.mining.com/web/teck-shares-are-back-where-they-started-before-glencore-offer/

"...Despite Tuesday’s sharp drop, Teck has still outperformed most of its rivals this year, as the mining industry broadly comes under pressure from slumping metals prices and rising costs.

But the company’s shares have fallen further than Glencore’s since the bid was announced, so that Teck is now trading well below the value of Glencore’s original all-stock proposal, suggesting investors are increasingly skeptical about the chances of a deal.

The stock slide puts more pressure on Teck to deliver on projects like Quebrada Blanca 2 that will be key to growing its metals business, while investors continue to wait for answers on the future of the coal mines."

K