Pierre Poilievre urges Trudeau government to block Glencore’s bid to buy Teck – by Naimul Karim (Financial Post – April 28, 2023)


Conservative leader says ‘hostile foreign takeover’ would threaten jobs and critical resources

Pierre Poilievre, leader of the Conservative party, is calling for the federal government to block Glencore Plc’s bid to buy Canada’s largest diversified miner, Teck Resources Ltd., adding yet another political voice against the potential takeover.

The leader of the opposition in a statement on April 27 said that the Glencore takeover would put thousands of jobs at risk and threaten the local critical minerals supply chain. Poilievre highlighted past fines and charges that Glencore has faced and said that his government would have used the Investment Canada Act to stop the “hostile foreign takeover and take into account Glencore’s previous unethical behaviour.”

The statement from the Conservative party comes a week after British Columbia Premier David Eby told the Financial Post that he had concerns about Glencore’s ability to meet the province’s high ESG standards.

In addition, mayors of the towns of Sparwood and Elkford in the Elk Valley, which hosts Teck’s steelmaking coal mines, said that a deal with Glencore would hurt the region’s image since it would connect Teck to Glencore’s thermal coal operations which is a major contributor of carbon emissions.

For the rest of this article: https://financialpost.com/commodities/mining/pierre-poilievre-urges-block-glencore-bid-teck