Canadian PM told Anglo American to move headquarters to Canada for Teck Resources Ok - report

[Miner inside the access tunnel of an underground gold and copper mine.]
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Canadian Prime Minister Mark Carney told Anglo American (OTCQX:AAUKF [https://seekingalpha.com/symbol/AAUKF]) that the company had to move its headquarters to Canada to secure approval for its purchase of Teck Resources (NYSE:TECK [https://seekingalpha.com/symbol/TECK]).

Carney told Anglo American (OTCQX:AAUKF [https://seekingalpha.com/symbol/AAUKF]) that any company that wanted to acquire Teck Resources (NYSE:TECK [https://seekingalpha.com/symbol/TECK]) would have to relocate their headquarters to Canada, according to a Globe & Mail report [https://www.theglobeandmail.com/business/article-teck-resources-anglo-american-mark-carney-mining-deal/]on Monday, which cited people familiar with the matter.

With Carney insisting that the headquarters be in Canada, the chance of another bidder approaching seems unlikely. Other speculated suitors for Teck, including BHP Group (BHP [https://seekingalpha.com/symbol/BHP]) Glencore PLC (OTCPK:GLCNF [https://seekingalpha.com/symbol/GLCNF]), Vale SA (VALE [https://seekingalpha.com/symbol/VALE]), and Freeport-McMoRan (FCX [https://seekingalpha.com/symbol/FCX]), all have headquarters outside of Canada.

The Teck/Anglo deal will face a review from Investment Canada, [https://seekingalpha.com/news/4493236-anglo-teck-merger-to-face-investment-canada-review-says-minister] Canadian Industry Minister Melanie Joly said in a X post last week. The review will consider new global headquarters in Vancouver with senior leadership resident in Canada, job creation, capital investment and ESG compliance, among others, Joly [https://x.com/melaniejoly/status/1965296065282027643] wrote.

Teck Resources (TECK [https://seekingalpha.com/symbol/TECK]) and London-listed miner Anglo American (OTCQX:AAUKF [https://seekingalpha.com/symbol/AAUKF#hasComeFromMpArticle=false#source=section%3Amain_content%7Cbutton%3Abody_link%7Cfirst_level_url%3Anews]) (OTCQX:NGLOY [https://seekingalpha.com/symbol/NGLOY#hasComeFromMpArticle=false#source=section%3Amain_content%7Cbutton%3Abody_link%7Cfirst_level_url%3Anews]) last Tuesday said that they reached an agreement to combine the two companies [https://seekingalpha.com/news/4493252-teck-and-anglo-american-to-combine-through-merger-of-equals]in a merger of equals to form the Anglo Teck group, a global critical minerals company headquartered in Canada. Anglo American shareholders will own 62.4% and Teck shareholders will own 37.6% of Anglo Teck plc immediately post completion.

MORE ON TECK RESOURCES LIMITED

* Teck Resources And Anglo American: Joint Growth With Synergies [https://seekingalpha.com/article/4822894-teck-resources-and-anglo-american-joint-growth-with-synergies]
* Teck Resources Limited (TECK.B:CA) Anglo American And Teck Resources Merger Of Equals Conference Call Transcript [https://seekingalpha.com/article/4820974-teck-resources-limited-teck-b-ca-m-and-a-call-transcript]
* Teck Resources May Be In Play With A Lackluster Merger Bid [https://seekingalpha.com/article/4821003-teck-resources-may-be-in-play-with-lackluster-merger-bid]
* Anglo American upgraded at Berenberg after Teck Resources deal [https://seekingalpha.com/news/4493763-anglo-american-upgraded-at-berenberg-after-teck-resources-deal]
* Teck launches operations review, defers major projects pending QB performance milestones [https://seekingalpha.com/news/4491505-teck-launches-operations-review-defers-major-projects-pending-qb-performance-milestones]