PM told Anglo American to move HQ to Canada for Teck deal nod, Globe and Mail reports

Reuters | September 15, 2025 | 

Highland Valley Copper mine operation owned by Teck Resources. (Image courtesy of Teck Resources)

Canadian Prime Minister Mark Carney told Anglo American (LON: AAL) to move its headquarters to Canada or its proposed acquisition of Teck Resources (TSX: TECKb) would not be allowed to proceed, the Globe and Mail reported on Monday, citing two sources familiar with the matter.

London-based Anglo American and Canada’s Teck last week announced a $53-billion planned merger, the sector’s second-biggest M&A deal ever, and said the merged entity, Anglo Teck, would be headquartered in Canada and have a primary stock listing in London.

In his conversations with Anglo American, Carney made it clear that shifting headquarters was a requirement that any prospective buyer for Teck would have to meet, the Globe and Mail report added.

An Anglo American spokesperson declined to comment on the report, but pointed to CEO Duncan Wanblad’s statement last week that Vancouver is the natural location for the merged company, given its operations and projects are largely based in the Americas.

“Anglo American has also had its Americas exploration team based out of Vancouver for a long time, so we are very familiar with the setup,” the spokesperson told Reuters in an emailed statement.

Reuters could not immediately verify the report. PM Carney’s office did not immediately respond to a Reuters request for comment, while Teck declined to comment on the report.

(Reporting by Ananya Palyekar and Dheeraj Kumar in Bengaluru; Editing by Shinjini Ganguli)

Canada’s antitrust regulator to review Anglo-Teck merger

By Reuters
 September 15, 2025

The Teck Resources logo is seen on a podium before the company's special meeting of shareholders, in Vancouver, B.C., on April 26, 2023. THE CANADIAN PRESS/Darryl Dyck

Canada’s antitrust regulator will review the proposed merger of Anglo American and Teck Resources, the regulator said on Monday.

“I can confirm that the proposed Teck-Anglo merger will be reviewed by the Competition Bureau,” Marianne Blondin, senior communications adviser at the Competition Bureau in Canada, said in an emailed statement.

British miner Anglo American announced a US$53 billion merger with Canada’s Teck Resources earlier this month, which would be the second-biggest merger in mining. In Canada, Anglo owns a diamond mine and Teck operates the Highland Valley Copper mine.

The antitrust regulator, in its review, will look at the likely anticompetitive effects of the proposed transaction and will also consult suppliers, competitors and buying groups.

Teck did not comment.


By Divya Rajagopal