Canada PM told Anglo American to move HQ to Canada for Teck deal nod - report
Canadian Prime Minister Mark Carney told Anglo American to move its headquarters to Canada or its proposed acquisition of Teck Resources 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.
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