Teck CEO says major M&A speculation "grossly overblown"

Tue Apr 23, 2013 11:54am EDT
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TORONTO (Reuters) - Teck Resources Ltd TCKb.TO is not currently planning a major takeover and will be prudent with the use of its balance sheet, the diversified miner's chief executive said on Tuesday.

"There has been a lot of speculation about us pursuing major M&A transactions and I can tell you this is grossly overblown," Teck's Don Lindsay told a conference call with investors.

The Canadian company has been touted as a potential suitor for Rio Tinto Plc's (RIO.L: Quote) iron ore assets in Eastern Canada.

(Reporting by Julie Gordon; Editing by Jeffrey Hodgson)

Don Lindsay, president and CEO of Teck Resources, speaks to shareholders during the company's annual general meeting in Vancouver, British Columbia April 22, 2010. REUTERS/Lyle Stafford