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Investing.com -- Canada is pressuring Anglo American Plc to strengthen commitments regarding executive and management positions at its proposed Vancouver headquarters as a condition for approving its takeover of Teck Resources Ltd, Bloomberg reports.
Industry Minister Melanie Joly, who has authority to block the transaction, is reviewing the merger between the mining companies. Anglo American has already pledged to move its global headquarters from London to Vancouver, a strategic decision aimed at increasing chances of securing Canadian government approval.
However, Joly’s office is seeking assurances that the relocation would be substantive rather than symbolic. The minister is pushing for the Vancouver office to house a significant number of executives and employees, going beyond what Anglo outlined in its initial proposal, according to Bloomberg, citing sources familiar with the discussions.
The Canadian government is not requesting Anglo to change its legal domicile from the UK to Canada.
Officials also want guarantees that the combined entity, to be named Anglo Teck, would support Canada’s and the G7’s critical minerals strategy. The G7 recently formed a production alliance to counter what they describe as China’s market manipulation.
Government representatives have additionally discussed options for stockpiling strategic commodities produced by Teck, including copper. Negotiations between the companies and the government remain ongoing, with uncertainty about what will appear in the final agreement.
Shareholders of both mining companies are scheduled to vote on the transaction on December 9.
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