The billionaire Friedland warns Teck against foreign takeovers

Despite Glencore Plc's attempt to take over Teck Resources Ltd., billionaire Robert Friedland is warning that Canada shouldn't take the voluntary split-off of the miner's coal business lightly, declaring many investors are interested in buying the miner's other businesses.

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According to a series of tweets posted by the founder of Ivanhoe Mines Ltd. on Monday, it would be shortsighted for Teck to consider a sale to Glencore without exploring other alternatives first. 

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In speaking with Friedland, the company announced that it was severing its base metals and coal businesses following the announcement that the company will split up its coal and base metals businesses. Keevil has said he supports a deal on the right terms, just a day earlier. 

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Nevertheless, I would like to emphasize that short-term gains should NOT be sacrificed lightly at the altar of such a champion, Friedland wrote in a tweet.

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 "The loss of yet another quintessential Canadian support mechanism to multinational companies could end up substantially weakening the ability of our unique ecosystem to explore our vast landmass and it could result in a complete loss of our unique environment."

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As well as fending off Glencore's unsolicited $23 billion takeover offer for Teck's entire company, including the coal unit, Teck is racing to get enough investor support for the coal spin-off so that a vote on April 26 can be held.