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 stated that after reviewing the merger, she believes it will benefit Canada and described it as a significant achievement.
Both Teck and Anglo American confirmed the approval separately, labeling the deal as a “merger of equals,” despite Anglo American’s value being more than double that of Teck. Shareholders endorsed the plan last week. The merger, initially announced in September, aims to establish Anglo Teck, a powerhouse in copper mining valued at $70 billion.
As part of the approval conditions, the merged entity will have its headquarters in Vancouver, with most executives and board members based there. The companies have committed to preserving approximately 4,000 Canadian jobs and investing $4.5 billion in Canada over the next five years.
Minister Joly praised the merger, stating that it reflects the government’s efforts to strengthen the economy. She highlighted that Anglo Teck, headquartered in Vancouver, will represent Canada internationally.
B.C. Premier David Eby expressed his enthusiasm for the merger on social media, describing Anglo Teck as the largest company in the province’s history. He emphasized the positive impact it would have on job creation and economic growth across British Columbia.
Teck CEO Jonathan Price emphasized that the approval will pave the way for the creation of a global leader in critical minerals. The completion of the merger is pending regulatory approvals in various jurisdictions, although it has already received clearance in Canada and Australia, with other reviews advancing.
