The Globe and Mail reports in its Tuesday, Nov. 18, edition that Ottawa is urging Anglo American to redomicile to Canada as it reviews the miner's proposed acquisition of Teck Resources, according to two unnamed sources. The Globe's Niall McGee and Robert Fife write that Anglo in September announced an all-stock acquisition of Teck worth about $20-billion. However, the deal cannot proceed unless Industry Minister Melanie Joly deems it to be of net economic benefit to Canada. She must also determine that it does not pose a national security threat. Approving the acquisition of Teck, one of Canada''s biggest critical minerals companies, is politically fraught. Ottawa over the past few decades has allowed foreign companies to acquire many of Canada's biggest miners. That has left the sector hollowed out at a time when Prime Minister Mark Carney is emphasizing how entwined a strong critical minerals industry is with Canada's sovereignty. London-based Anglo has already made several major commitments in an attempt to win approval from the federal government. The Globe's sources said Ottawa is dissatisfied with Anglo's commitments. If Anglo redomiciles to Canada, it would effectively make it a Canadian company.
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