Industry Minister Mélanie Joly has given the green light to the merger between Teck Resources Ltd., a Canadian natural resources company, and Anglo American PLC from Britain. Joly expressed her approval, stating that the merger would benefit Canada overall, emphasizing it as a significant achievement.
Teck and Anglo American both confirmed the approval separately, describing the union as a “merger of equals,” despite Anglo American’s greater value compared to Teck. Shareholders supported the plan last week, originally announced in September, to establish Anglo Teck, a powerhouse in copper mining valued at $70 billion.
As per the approval conditions, the merged entity’s headquarters will be in Vancouver, with the majority of executives and board members based there. Joly highlighted that the companies have made commitments, including preserving around 4,000 jobs in Canada and investing $4.5 billion within the country over five years.
Joly commended the federal government’s initiatives to strengthen Canada’s economy, stating, “Anglo Teck, headquartered in Vancouver, will represent Canada significantly on the global platform.”
B.C. Premier David Eby also welcomed the merger, calling it a positive development for the province. He mentioned that Anglo Teck would be the largest company in British Columbia’s history, contributing to economic growth and job opportunities across the region.
Teck’s CEO, Jonathan Price, expressed optimism about the approval advancing the establishment of a “global critical minerals champion.” The completion of the merger is subject to standard transaction conditions and regulatory approvals in various jurisdictions worldwide, with competition approvals already secured in Canada and Australia, while other reviews are ongoing.
