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Investing.com -- Canadian Prime Minister Mark Carney informed Anglo American PLC (LON:AAL) that relocating its headquarters to Canada was a mandatory condition for approval of its proposed acquisition of Teck Resources Ltd Class B (NYSE:TECK), according to The Globe and Mail, citing two sources familiar with the matter.
The London-based mining company unveiled an all-stock takeover bid for Vancouver-based Teck last week, valued at approximately $20 billion. Anglo American had already announced plans to move its headquarters to Vancouver once the deal closed.
In discussions with Anglo American, Carney emphasized that the headquarters relocation requirement would apply to any company seeking to acquire Teck, the sources told The Globe and Mail.
The sources spoke on condition of anonymity as they were not authorized to discuss the matter publicly.
Doug Brown, Teck’s vice-president of communications and government affairs, noted in an email to Globe and Mail that "it is unprecedented for a major multi-national mining company to move its global headquarters to Canada in this fashion."