Overview

• Institutional investors are pushing back over the lack of a takeover premium and a planned primary listing in London that could remove Teck from major Canadian indices, complicating the required two‑thirds Class B shareholder vote.
• The deal would create Anglo Teck with a head office in Vancouver and exchangeable shares on the TSX, yet the company would be U.K.-incorporated with its primary listing on the LSE and a closing timeline of 12 to 18 months.
• Industry Minister Mélanie Joly said the current commitments are not sufficient and plans to meet both CEOs next week to assess net‑benefit and long‑term headquarters assurances.
• Competition Bureau Canada confirmed it will review the combination for potential anti‑competitive effects, including consultations with suppliers, competitors and purchasing groups.
• Teck and Anglo have pledged about $4.5 billion for Canadian projects, including expanded critical‑minerals refining at Trail to add copper and gallium capacity, plus funding for exploration and northwest B.C. project studies.