Investment Canada Act amendment could complicate Glencore’s pursuit of Teck – by Naill McGee (Globe and Mail – August 14, 2023)

A proposed amendment to the Investment Canada Act could complicate Glencore PLC’s takeover ambitions around Canadian miner Teck Resources Ltd. Last fall, federal Industry Minister François-Philippe Champagne announced a series of changes to the Investment Canada Act that aim to toughen oversight over proposed acquisitions of domestic companies by foreigners.

The changes include requiring acquirers to give Ottawa early notification of their intent to buy Canadian companies, extending the time period for national security reviews, and increasing financial penalties for those who don’t comply with the rules.

Bill C-34, which would enact these changes, has been making its way through committee hearings this year, and must be passed by the House of Commons and the Senate before becoming law.

While changes proposed by Mr. Champagne would already add hurdles for foreigners intent on buying Canadian companies, an amendment to the bill proposed by Conservative MP Rick Perkins could make life even harder for Glencore in its pursuit of Teck.

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