Proposed Teck-Anglo merger is subject to national security review, Canada says

Core Viewpoint - Canada will conduct a national security review of the proposed $53 billion merger between Anglo American and Teck Resources, which is significant in the mining industry and requires regulatory approval [1][2]. Group 1: Merger Details - The proposed merger aims to create a copper giant, combining the companies' copper assets primarily located in Chile, while Teck also owns the Highland Valley copper mine in Canada [2][4]. - The leadership of both companies has proposed relocating the combined headquarters to Vancouver and maintaining a dual listing, but Ottawa has requested additional commitments regarding investment and job security [3]. Group 2: Regulatory Context - The national security review will assess the potential impact of the merger on critical minerals and supply chains, with copper being classified as a critical mineral by Canada [3]. - The Investment Canada Act was amended in 2024 to impose stricter regulations on large foreign acquisitions of domestic companies, particularly concerning national security implications [4]. Group 3: Shareholder Actions - Teck shareholders are set to vote on the merger on December 9, and a proxy advisory firm has recommended that shareholders vote in favor of the deal [5].