Overview
- Industry Minister Mélanie Joly approved the deal under the Investment Canada Act after securing enforceable commitments on a Vancouver headquarters, preservation of roughly 4,000 Canadian jobs, and C$4.5 billion of investment over five years.
- The government says the undertakings are legally binding and can be enforced if breached, with specified governance terms including 66% of senior executives based in Canada and a board that is 50% Canadian for seven years.
- If completed, Anglo shareholders would own 62.4% of the combined company and Teck shareholders 37.6%, with legal domicile and the primary stock listing in London and a planned secondary listing in Toronto.
- Leadership plans call for Anglo CEO Duncan Wanblad and CFO John Heasley to remain in their roles, with Teck CEO Jonathan Price becoming deputy CEO of the combined company.
- Competition approvals have been received in Canada and Australia, while reviews continue in major jurisdictions including the United States, the European Union, China, Japan, South Korea, and Chile after shareholders backed the merger on Dec. 9.