The Globe and Mail reports in its Friday edition that the head of Anglo American PLC says the British mining company is not willing to redomicile to Canada amid discussions of its proposed acquisition of Teck Resources.
The Globe's Niall McGee writes that London-based Anglo has already made a slew of promises as it attempts to win approval from Ottawa for the $20-billion (U.S.) deal, which was announced last week. Those commitments include moving its global headquarters -- but not its legal domicile -- to Canada and changing its name to Anglo Teck. The company also promised to relocate many of its high-ranking personnel to Canada, including chief executive officer Duncan Wanblad and chief financial officer John Heasley.
Industry Minister Melanie Joly has said the promises made by Anglo do not go far enough. The deal cannot proceed unless Ms. Joly deems it to be of net economic benefit to Canada, and she determines that there are no national security concerns.
Mr. Wanblad said Anglo Teck will not move its primary stock listing from London to Toronto. He pointed to London's deep and liquid mining market, an investment community that understands mining, and the fact that many of Anglo's shareholders are based there.
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