Overview

• Industry Minister Mélanie Joly said Anglo American must offer more to demonstrate a clear benefit to Canada, adding she will meet the CEOs of Anglo and Teck next week.
• The Globe and Mail reported, citing unnamed sources, that Prime Minister Mark Carney told Anglo the deal would not be approved unless the combined company’s headquarters moved to Canada.
• Anglo has proposed relocating its global headquarters to Vancouver, renaming the company Anglo Teck, basing top executives in Canada, and keeping UK domicile with a primary London listing plus a planned Canadian listing.
• Anglo also outlined at least $4.5 billion of five‑year investment in Canada, including projects tied to Teck assets, though Joly signaled these commitments remain insufficient.
• Analysts warn the all‑stock offer provides a limited premium and may struggle to secure the required two‑thirds approval from Teck’s Class B shareholders, with a separate October update on Teck’s QB2 project seen as a potential swing factor.