The Globe and Mail reports in its Thursday edition that institutional investors are campaigning to keep Teck listed in domestic stock market benchmarks after the miner completes its proposed merger with London-based Anglo American PLC, a move aimed at countering the hollowing out of corporate Canada. The Globe's Andrew Willis writes that at an event earlier this month, S&P Dow Jones Indices, which runs the S&P/TSX benchmarks, faced heavy pressure from fund managers to keep a company that will rank among the world's largest copper miners in domestic indices. Analysts and investors who attended S&P's annual Canadian Index Advisory Panel meeting in Toronto on Oct. 8 said the index operator seemed open to changing the rules. In September, Teck and Anglo announced a union that will create a global miner known as Anglo Teck. Anglo Teck's head office will be in Vancouver, but the company will be incorporated in London, Anglo's base. Under S&P's current rules, Anglo Teck would no longer be eligible for the S&P/TSX Composite Index and the blue-chip S&P/TSX 60, which drive stock picks at most domestic institutions. Domestic equity benchmarks are heavily skewed toward banks and telecom companies.
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