Vancouver copper miner Teck Resources Ltd. may have agreed to join up with a London-based company more than twice its size, but top executives have been adamant the merged company would maintain a distinctly Canadian flavour.
Teck and Anglo American PLC are pitching their $70-billion tie-up as a “merger of equals” with plans for roughly even representation across upper management and the board of directors.
The headquarters of the proposed new company — Anglo Teck — is to be moved to Vancouver and top executives with Anglo American plan to relocate to that city.
The deal also includes $4.5 billion in spending commitments in Canada over five years, but it’s not clear how much of that is new.
Katherine Wetmore, a partner in consulting firm KPMG’s mining practice, says it seems there’s a