US EditionAnglo, Teck Need to Prove More Merger Benefits to Canada, Minister Says
Minister Mélanie Joly demands stronger commitments from Anglo American and Teck to ensure long-term Canadian economic benefits and national security for their proposed merger.
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11 Articles
How a years-old mining controversy could derail the industry's biggest deal in a decade
Vancouver-based miner Teck Resources Ltd. has agreed to merge with the U.K.'s Anglo American Plc in one of the industry's biggest deals in more than a decade. The proposed merger — which must clear regulatory hurdles — would create a global copper behemoth valued at roughly $70 billion. In the history of Canadian mining, the merger follows a long tradition of deals. But foreign companies had easier access to Canadian mining assets until 2006, wh…
Mining Giants Teck and Anglo Must Show Merger Has ‘Net Benefit’ to Canada Before Approval: Industry Minister
Industry Minister Mélanie Joly says she has not yet seen enough “net benefit” to Canada to allow Vancouver’s Teck Resources Ltd. to merge with UK-based miner Anglo American PLC. “There have been conversations with the companies, and clearly we wanted to make sure that there would be a net benefit to Canada, but I think right now that it’s not enough,” Joly told reporters on her way to a cabinet meeting in the House of Commons on Sept. 16. Last w…
Canada’s Minister of Industry, Mélanie Joly, reported on Tuesday that next week she will have a meeting with Anglo American CEOs and Canadian Teck Resources to address the proposed merger between the two mining giants, whose resulting company would be based in Vancouver. “We have had discussions with companies, and we clearly wanted to make sure there was a net profit for Canada. But I don’t think it’s enough right now,” Joly said prior to joini…
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