Canadian Conservatives want proposed Glencore takeover of Teck blocked – by Randy Thanthong-Knight (Bloomberg News – April 27, 2023)

Canada’s main opposition party called for the government to block Glencore Plc’s proposed takeover of Teck Resources Ltd.

Thousands of jobs would be at risk if the Swiss commodities firm were to succeed in its unsolicited US$23 billion bid for the Vancouver-based miner, Conservative Leader Pierre Poilievre said in a statement Thursday. He warned it would also mark the loss of Canada’s last remaining major diversified base-metals miner owned and headquartered in the country.

“Canada needs a government that is committed to creating and supporting Canadian jobs,” Poilievre said. “Glencore’s attempted hostile takeover will ship thousands of jobs out-of-country and threaten thousands more Canadians who work for Teck.”

The opposition leader’s announcement ups the pressure on Prime Minister Justin Trudeau to take a stand on the issue. His finance and natural resources ministers have said in recent weeks that the government is watching the deal closely.

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