Anglo American PLC (LSE:AAL) and Teck Resources (NYSE:TECK) announced on Tuesday that they have secured approval from the Canadian government for their proposed combination, a transaction set to form one of the largest copper producers globally.
Anglo revealed in September its plan to acquire Teck in an all-share deal valued at more than $20 billion. Once completed, the transaction is expected to create a mining group with an enterprise value exceeding $50 billion, anchored by a portfolio of world-class copper assets.
As part of the agreement, the companies have pledged significant long-term investment in Canada, committing at least C$4.5 billion (around $3.27 billion) over the next five years and roughly C$10 billion over a 15-year period.
The government’s approval comes despite reservations expressed by some Canadian ministers during the review process. Shareholders of both Anglo American and Teck have already voted in favour of the transaction over the past two months.
In regulatory terms, the deal has also received competition clearance in Canada and Australia. However, approvals from authorities in China, the United States, Chile and Peru are still outstanding before the acquisition can be finalised.
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