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Bond Market News
Anglo American-Teck Resources Merger Passes National Security Test of Canada – Sources
November 28, 2025
Anglo American’s proposed takeover of Teck Resources has been effectively cleared by Canada on national security grounds, according to the Globe and Mail, removing a key obstacle for the $53bn merger deal announced in September. The government’s initial security review period expired without being extended, which means the deal is automatically deemed cleared. However, Ottawa can still block the transaction if it does not pass a separate net economic benefit review. However, Canadian Industry Minister Melanie Joly had previously stated that the government would assess the transaction under the Investment Canada Act, with a final decision expected in the coming months. The review will assess the merger’s impact on Canada’s critical minerals sector and supply chains, given that copper and germanium, produced by Teck, are both designated critical minerals. While the companies have proposed basing their combined headquarters in Vancouver with a dual listing, the Canadian government is seeking further commitments on investment and job protection. Shareholders of both companies are set to vote on the deal on December 9 at meetings in London and Vancouver.
Anglo American’s 6% 2054s are trading stable at 102.7, yielding 5.8%. Teck’s 6.125% 2035s are also trading stable at 106.4, yielding 5.3%.
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