Canada will subject the proposed merger of Teck Resources and Anglo American to a rigorous review, Finance Minister François-Philippe Champagne said Saturday, underscoring that the deal must deliver a clear net benefit to the country before it can proceed.
“Canada will take a close look at the Teck-Anglo deal,” Champagne said, referring to the approval required by the industry minister under the Investment Canada Act.
The transaction, valued at about $53 billion, would combine two of the world’s best-known mining groups into a copper-heavy player with a Canadian headquarters.
The Competition Bureau has already said it will examine the tie-up for potential harms to competition, a process that runs alongside the federal government’s broader national interest test.
Teck and Anglo American have framed the deal as a merger of equals that would form “Anglo Teck,” a company focused on so-called critical minerals with an emphasis on copper.
Under the terms announced by the companies, Anglo American shareholders would own about 62.4% of the combined group and Teck shareholders about 37.6%.
The companies say the new entity would be headquartered in Canada, maintain listings in Toronto and Johannesburg, have a primary listing in London, and target completion in 12 to 18 months, subject to approvals.
Anglo American also announced a special dividend of roughly $4.5 billion to its shareholders ahead of closing.
Ottawa’s scrutiny is expected to center on classic Investment Canada Act questions such as jobs, capital spending, research commitments, and the depth and durability of a Canadian head office.
Industry Minister Mélanie Joly has been engaging the companies and has said she expects concrete undertakings that demonstrate long-term benefits to Canada, including a strong corporate presence in Vancouver.
The ministry’s process is separate from the Competition Bureau’s assessment, and both would need to align before any closing.
Earlier this week, Reuters reported that Prime Minister Mark Carney told Anglo American it would need to relocate its headquarters to Canada to win approval, citing the Globe and Mail.
Reuters said it could not independently verify the report and that neither Carney’s office nor the companies commented.
The issue of corporate domicile has become a lightning rod in Canada, where policymakers have pushed foreign buyers to make binding promises about governance and decision-making in past resource deals.
The proposed combination is pitched as a scale bet on copper at a time when the metal’s role in electrification and grid build-outs is expanding for investors.
Company materials suggest the merged portfolio would offer more than 70% exposure to copper, with additional upside from operational overlaps in South America.
Management argues that a larger balance sheet could accelerate development timelines while smoothing cyclical swings in cash flow.
Those benefits, however, will be weighed against concerns about market concentration, project execution risks in Chile and Peru, and whether the promised synergies and growth translate into durable returns.
The Competition Bureau will consult customers, suppliers, and rivals as it assesses the impact on Canadian markets for copper and other metals.
The Investment Canada Act review can also compel legally enforceable undertakings on employment, capital programs, and community engagement.
Past resource transactions show Ottawa can stretch timelines or extract additional commitments, particularly when a deal touches core policy objectives like domestic control, supply chain resilience, or Indigenous partnership frameworks.
What happens next will likely hinge on the breadth of the companies’ undertakings and how Ottawa calibrates industrial policy with investor confidence. A definitive sign-off would give Anglo Teck a powerful platform ahead of the next copper upcycle.
A tougher stance could invite revised terms, a longer approval path, or potential rival interest if the window stays open. For now, the message from the capital is clear: this will not be a rubber-stamp review.
