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Proxy Advisory Firm ISS Recommends Shareholders Vote in Favour of Teck-Anglo Deal
Industry Minister Mélanie Joly will decide on Anglo American's $20 billion Teck acquisition in coming months amid an 18-month regulatory review process.
- On Nov. 18, Industry Minister Mélanie Joly said she will decide on the Teck-Anglo deal `in the next months`, and Gabrielle Landry, press secretary for Mélanie Joly, confirmed the earlier transcript was incorrect.
- Because past reviews have taken months, Ottawa's scrutiny typically extends beyond a single month, with the Investment Canada Act review possibly lasting up to 18 months, including Glencore PLC's 2024 acquisition review taking about eight months.
- Next month, Teck shareholders will meet on Dec. 9 to decide the merger, with ISS and Glass Lewis recommending a "FOR" vote and the Teck Board of Directors unanimously backing supporters holding 79.8% of Class A shares.
- Anglo American plc pledged to move its global headquarters to Vancouver, rename itself Anglo Teck, relocate CEO Duncan Wanblad and CFO John Heasley, and create a $70-billion copper producer.
- Announced in September, the merger remains conditional on shareholder and regulatory approvals, and Teck Resources Ltd. cautions that forward-looking statements involve risks and assumptions.
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Proxy advisory firm ISS recommends shareholders vote in favour of Teck-Anglo deal
VANCOUVER — A second major proxy advisory service has recommended shareholders vote in favour of the deal to combine Teck Resources Ltd. and Anglo American plc. Institutional Shareholder Services, Inc. said Wednesday that the arrangement makes strategic sense and that there’s additional potential upside through the merger. The endorsement comes after Glass Lewis & Co. […]
·Toronto, Canada
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Coverage Details
Total News Sources17
Leaning Left7Leaning Right1Center6Last UpdatedBias Distribution50% Left
Bias Distribution
- 50% of the sources lean Left
50% Left
L 50%
C 43%
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