The Globe and Mail reports in its Thursday edition that Teck is facing significant resistance from institutional investors as it pitches a merger with London-based Anglo American, in part because the deal will see one of Canada's largest miners dropped from the country's flagship stock index. The Globe's Andrew Willis writes that Teck needs shareholder and government approval for its proposed $20-billion union with London-based Anglo, which would see the combined company headquartered in Vancouver. The new entity, Anglo Teck, plans to incorporate in London and have its primary share listing on the London Stock Exchange. Teck's biggest shareholders are unhappy with a marriage of two miners that lacks the premium on the stock price that is typically associated with takeovers, along with the shift to an LSE listing. "Based on our ongoing discussions with investors, we believe that the proposed transaction under the current terms appears unlikely to succeed," Scotiabank analyst Orest Wowkodaw said in a report. There is "investor discontent" with lack of a takeover premium for Teck shares, he said. Getting the required 66.6-per-cent approval from owners of Teck's widely held Class B shares "is likely to prove challenging."