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Proposed Teck-Anglo merger is subject to national security review, Canada says
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Proposed Teck-Anglo merger is subject to national security review, Canada says
Mar 10, 2026 8:55 PM

OTTAWA, Nov 26 (Reuters) - Canada will submit the

proposed merger of Anglo American and Teck Resources ( TECK )

to a national security review, Industry Minister

Melanie Joly said on Wednesday.

Joly also said Ottawa would come to a final decision in the

coming months.

"The national security review for any transaction is always

part of the process... so we're following the process," she told

reporters from South Korea via a teleconference.

Shares of Teck were up 1% in midday trade in Toronto. Anglo

American shares closed up 2.4% at the London Stock Exchange on

Wednesday.

The proposed $53 billion deal, one of the biggest in the

mining industry, would create a copper giant. But the deal, due

to its size, needs a nod from several regulators, including in

Canada.

The top leadership of both companies has proposed to move

the combined headquarters to Vancouver and maintain a dual

listing. However, Ottawa has asked for more, such as investment

in the country and job security.

The national security review, according to the Investment

Canada Act, would look at the potential impact the transaction

would have on the critical minerals and critical mineral supply

chains. Copper is considered a critical mineral by Canada.

Teck also produces germanium, which is also on the critical

mineral list. Canada amended the ICA in 2024 to tighten rules

around any large foreign acquisition of its domestic companies

and the potential impact on national security.

Though the Anglo-Teck merger primarily combines the

companies' copper assets in Chile, Teck owns the Highland Valley

copper mine in Canada.

Teck shareholders are scheduled to vote on the merger on

December 9. On Wednesday, proxy advisory firm ISS recommended

that Anglo American and Teck shareholders vote in favor of the

deal.

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