The Canadian government has greenlit the $60bn Anglo Teck mega-merger, clearing a key hurdle for the companies to form one of the world’s largest copper producers as demand for the industrial metal surges.
London-listed miner Anglo American said on Tuesday that Canadian lawmakers had approved its planned tie-up with domestic miner Teck Resources, which won broad support from both companies’ shareholders in votes last week.
The share prices of both companies have risen since the planned deal was announced, driving up their combined market value to about $60bn on Tuesday.
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