Ottawa has given its stamp of approval this week to a merger between Canadian natural resources company Teck Resources Ltd. and Britain’s Anglo American PLC.
The two companies announced their plans to merge in September to create Anglo Teck, a $70 billion copper mining powerhouse, but needed shareholder and government approvals to move ahead.
The plan received shareholder approval last week and the companies were granted regulatory clearance by the Canadian government under the Investment Canada Act on Dec. 15, putting the companies one step closer to making the consolidation a reality.
Industry Minister Mélanie Joly said in a Dec. 15 media statement the merger will provide a net benefit to Canada and labelled it a “significant win.”…