By Foo Yun Chee BRUSSELS, Jan 8 (Reuters) – The proposed merger of London-listed miner Anglo American and Canada’s Teck Resources is heading for antitrust clearance in Europe after EU regulators signalled the absence of competition concerns, according to a European Commission filing. The EU competition enforcer is reviewing the deal, the second-largest ever in […]
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Anglo American, Teck merger heading for EU antitrust approval
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By Foo Yun Chee
BRUSSELS, Jan 8 (Reuters) – The proposed merger of London-listed miner Anglo American and Canada’s Teck Resources is heading for antitrust clearance in Europe after EU regulators signalled the absence of competition concerns, according to a European Commission filing.
The EU competition enforcer is reviewing the deal, the second-largest ever in the mining sector, under a simplified procedure after the companies sought approval on Tuesday.
Such a step means the EU watchdog does not see a merger giving rise to significant competition problems, leading it to conduct only a routine check.
The Commission will issue its decision on the deal to form the world’s fifth-largest copper company by February 10. Canada has already cleared the deal.
The Commission is also assessing the deal under its Foreign Subsidies Regulation which takes aim at unfair foreign aid for companies, with the goal of reining in competition from non-EU companies subsidised by their governments.
Its decision is due by February 3.
Anglo American and Teck announced their proposed merger in September of last year.
(Reporting by Foo Yun Chee in Brussels; Editing by Matthew Lewis)