Norway wealth fund backs Teck strategy in fight with Glencore

Norway’s sovereign wealth fund voted in favor of Teck Resources' plan to spin off its coal business, as the Canadian miner fends off a takeover attempt by larger rival Glencore.

Norges Bank Investment Management voted to back all Teck’s resolutions at the vote scheduled for April 26, according to disclosure on its website. Norges Bank held about 1.5% of Teck’s Class B shares at the end of 2022, according to data compiled by Bloomberg.