The federal government is pressuring Anglo American to shift its headquarters to Canada as it scrutinizes the British mining giant’s $20-billion bid for Teck Resources, according to confidential sources who informed The Globe and Mail.
Anglo American unveiled its all-stock offer for Vancouver-based Teck in September. The deal now awaits approval from Industry Minister Mélanie Joly, who must assess its economic benefits for Canada and potential national security implications.
Teck’s potential acquisition, given its prominence in Canada’s critical minerals industry, carries significant political weight. Ottawa’s history of permitting foreign takeovers of major Canadian mining firms has sparked concerns about the sector’s dwindling domestic presence.
Anglo American has already offered substantial concessions to secure federal approval. The company has committed to establishing its global headquarters in Vancouver, adopting the name Anglo Teck, and relocating key leadership to Canada.
Yet insiders suggest Ottawa is demanding more. The government reportedly wants Anglo to redomicile to Canada, effectively becoming a Canadian entity, and transfer its primary stock listing from London to Toronto.
Redomiciling would subject Anglo to Canadian tax regulations, financial reporting requirements, and merger rules, which differ markedly from British standards.
Anglo American has previously shown reluctance towards these changes. CEO Duncan Wanblad emphasized the company’s intention to maintain its London base and stock listing in a September interview.
The proposed takeover has drawn criticism from Canadian mining industry leaders. One influential figure described the deal as harmful to Canada’s mining sector, reflecting wider concerns about domestic companies falling into foreign hands.
Ottawa’s review of the Anglo-Teck deal is likely to extend into 2026. Shareholders from both companies will vote on the proposal next month, with Teck needing approval from at least two-thirds of votes cast.
Recent reports indicate Teck engaged in discussions with Vale Base Metals, a Toronto-based company with substantial Canadian operations, before accepting Anglo’s offer.
Amid rising geopolitical tensions, particularly regarding critical minerals, the Canadian government has grown increasingly cautious about foreign acquisitions in the sector. Industry Minister Joly has indicated that Anglo’s current commitments may not be sufficient to secure approval for the deal.
