Industry Minister Mélanie Joly, who must sign off on acquisitions of Canadian critical mineral companies, said Tuesday the government is hoping to have a decision next month on the path forward for Anglo American’s merger with Canada’s Teck Resources, saying Canadians “should get more out of this merger.” Shares of Anglo American and Teck had dropped about 2.5 per cent and 2.4 per cent respectively in Tuesday afternoon trading. (The Logic)
Talking point: Anglo Teck would be one of the world’s biggest copper companies, and would have its headquarters and senior executives in Vancouver. But the company’s stock would be listed in London, requiring it to be domiciled in the U.K. The Globe and Mail reported that Ottawa is pushing for the company to be domiciled in Canada and listed on the Toronto Stock Exchange, which Anglo CEO Duncan Wanblad has previously ruled out. Teck Resources spokesperson Dale Steeves said the company foresees “significant economic, social, and strategic benefits for Canada” from the deal and the firm is “continuing to engage constructively” with the government.