Anglo-Teck deal clears Canada’s national security test, Globe reports
The Canadian government has cleared Anglo American Plc’s proposed takeover of Teck Resources Ltd. on national security grounds, the Globe and Mail reported, removing one hurdle for the two companies to combine.
The government’s initial security review period for assessing whether proposed foreign takeovers of Canadian critical minerals companies has lapsed without an extension, meaning the deal by default has been cleared on that basis, the Globe reported, citing a person it didn’t identify.
A message left with the office of Canadian Industry Minister Melanie Joly wasn’t immediately returned. Ottawa still has the power to block the takeover if it fails to clear a net economic benefit review. Shareholders of Anglo and Teck are scheduled to vote on the deal on Dec. 9 at meetings in London and Vancouver.
(By Doug Alexander)
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Comments
Alfred Lowe
if this was China, it would be an invasion of Canada.