British mining giant Anglo American PLC (LSE:AAL) has confirmed it will not relocate its corporate headquarters to Canada as it seeks government approval for its $53-billion acquisition of Teck Resources Ltd (TSX:TECK.B), according to a report from The Globe and Mail.
The development marks a pivotal point in negotiations with Ottawa, which is scrutinizing the merger under the Investment Canada Act.
Canadian Prime Minister Mark Carney reportedly told Anglo American that moving its legal base to Canada would be a condition for approving the deal.
Anglo American’s CEO, Duncan Wanblad, however, has made clear that the company’s legal incorporation will remain in London.
While executives will be transferred to British Columbia and the merged entity, expected to be called Anglo Teck, will have its global headquarters in Vancouver, most operations and the company’s stock listing will stay in the UK, alongside listings on the Toronto and New York stock exchanges, per the report.
Canada's Industry Minister Mélanie Joly said Ottawa is pushing for further concessions to ensure the merger delivers a net benefit to Canada and aligns with national and economic security interests.
Joly said the current commitments fall short of what Canada expects, and noted that additional discussions with the CEOs of both companies are planned.
The companies have pledged $4.5 billion in investments over five years for projects and exploration in Canada, but concerns remain among some officials and industry voices about sovereignty and maintaining a strong Canadian presence.
Key leadership roles, including CEO, Deputy CEO, and CFO, will be based in Vancouver, reinforcing the Canadian operational footprint, even if the legal and financial headquarters remain abroad.
Despite the ongoing scrutiny, Anglo American and Teck describe the transaction as a “merger of equals,” emphasizing complementary portfolios and shared long-term growth objectives.
Regulatory approval is still required, with the deal expected to close within 12 to 18 months, pending customary conditions.