opinion

Canada has two of the world’s biggest gold miners in Agnico and Barrick, but neither are likely to venture into a high-stakes battle for Teck.

Institutional investors have been delivering a strong message to a pair of domestic gold miners with the heft to bid for copper producer Teck Resources Ltd. TECK-B-T : Don’t you dare.

Shareholders in Agnico Eagle Mines Ltd. AEM-T and Barrick Mining Corp. ABX-T started to fret last week after analysts highlighted the two Toronto-based companies as potential interlopers in Teck’s friendly merger with Anglo American PLC AAUKF . This merger of equals, with no share-price premium for Teck’s owners, is vulnerable to a better bid.

Industry experts say global mining giants such as BHP Group Ltd. BHPLF and Glencore PLC GLCNF are the r

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