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Lassonde pushes back against Teck-Glencore deal

Veteran mining entrepreneur Pierre Lassonde expressed his bewilderment at Teck Resources’ recent decision to sell its coal unit to a Glencore-led consortium for $9 billion.

Lassonde, who said he was “mystified” by the decision, revealed that his consortium, which included Fairfax Financial Holdings founder Prem Watsa and Stelco Holding CEO Alan Kestenbaum, had submitted a bid equal to the accepted offer.

“We put together an offer that was very, very competitive, it was in the best interest of Teck shareholders, Canada … the employees,” Lassonde said in an interview. “And it was a holistic solution with the same price tag.”

You can read more on the matter here.

What’s going on?

• Snoop Dogg Gives Up Smoking Days After Signing A Vape Deal (theDeepDive)

• Amazon is laying off hundreds of people in its Alexa division (BNN)

• US Wants More Nuclear, to Lead Global Initiative at COP28 Summit (theDeepDive)

• George Santos Hit With Ouster Bid Led by Ethics Committee Chairman (Bloomberg)

• Are Rate Cuts Coming? Economists Say Relief May Come Sooner Than Expected (theDeepDive)

• Elon Musk Said Antisemitic Social-Media Post Was ‘the Actual Truth’ (WSJ)

• Ethiopia Suspends Debt Payments, Only Foreign-Owned Finance Group Withdraws (theDeepDive)

• Ex-Meta staffers see booming business targeting online disinformation after two wars break out (CNBC)

• Trevor Milton Argues For Probation Sentence Only As He “Sees The World Differently” (theDeepDive)

• Slate Office REIT suspends distributions, plans asset sale; units plunge 20% (BNN)

What’s the latest?

• EV Overspending: The Parliamentary Budget Office in Canada has reported that the financial support from the provincial and federal governments for the development of electric vehicle batteries will be significantly higher than initially projected. The total support for deals with Northvolt, Volkswagen, and Stellantis-LGES over the next decade is estimated to be $43.6 billion, which is $5.8 billion more than the originally announced figure of $37.7 billion.

• Bin Laden Banned: TikTok has announced that it will ban content promoting Osama bin Laden's 2002 letter, which contains justifications for attacks against Americans. This decision comes as discussions about the letter spread on the platform, particularly in relation to debates about the Israel-Hamas conflict.

• Single Use Plastics: The Federal Court has overturned a cabinet order that classified plastic manufactured items as toxic under the Canadian Environmental Protection Act. The court ruled that this categorization was unreasonable because it was overly broad. This decision impacts the Canadian government's ban on certain single-use plastic items, such as straws, grocery bags, and takeout containers, as the government can only regulate substances listed as toxic under the act.

• Tesla Strikes: Swedish dockworkers have expanded their industrial action to all of Sweden's ports, refusing to offload Tesla cars in support of Tesla mechanics' demands for collective bargaining agreements. This action, initiated by the Swedish union IF Metall, started with a mechanics strike on October 27 and was joined by dockworkers on November 7. The strike has been effective, with no shipments of Tesla cars arriving since its commencement.

• Amazon Layoffs: Amazon is reducing hundreds of roles in its division responsible for the Alexa voice assistant. According to a memo from Daniel Rausch, an Amazon vice president, the company is realigning its efforts to focus more on generative artificial intelligence, leading to the discontinuation of some initiatives and the elimination of several hundred jobs. The specifics of which projects will be ended were not disclosed.

   

Practical insights into the gold market

The stock market and stuff

• Google Unveils Two Initiatives to Revamp Search Experience (theDeepDive)

• Fairfax Offers to Take Agritech Firm Farmers Edge Private at 99% Below IPO Price (Bloomberg)

• Gap shares jump 30% to extend months-long bet on new CEO's revival effort (Reuters)

• Alibaba Sheds $22 Billion of Value After Walking Back Spin-Off Plans (Bloomberg)

• Uranium Prices Hit 15-Year High As Demand Continues To Rise For Nuclear Energy (theDeepDive)

• Stellantis workers vote to ratify new labor contract (Reuters)

In the juniors

• Planet 13 May Have Just Lost US$21.5 Million In Cash (theDeepDive)

• The ‘Apple of e-bikes’ targets profitability next year even as rivals enter bankruptcy (CNBC)

• Canopy Growth Sees BioSteel Assets Sold Off Under CCAA Process (theDeepDive)

FULL DISCLOSURE: Element 29 Resources is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of Element 29 Resources. The author has been compensated to cover Element 29 Resources on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. We may buy or sell securities in the company at any time. Always do additional research and consult a professional before purchasing a security.