British mining giant Anglo American may have undervalued Vancouver-based Teck in its megamerger offer announced on Tuesday, argues Teck shareholder Canoe Financial. Anglo American’s stock-based offer would give Teck shareholders 37.6 per cent of the combined $76 billion company. (Bloomberg)

 

Talking point: Teck CEO Jonathan Price said in Tuesday’s press release that the deal would “create significant economic opportunity in Canada” and “deliver sustainable, long-term value for shareholders.” But closing the deal will require approval of at least two-thirds of Teck’s shareholders, as well as by Canadian regulators, who are likely to be wary of a change of control at Canada’s largest diversified miner after the government tightened rules on foreign investments in critical minerals last year. The combined company pledged to invest a minimum of about $4.5 billion over five years in Canada and move Anglo American CEO Duncan Wanblad to Vancouver to lead the company.