With two national polls showing most Canadians want to keep resource companies at home, the proposed US$53 billion Anglo American–Teck Resources merger faces more headwinds. Roughly two-thirds of voters say Ottawa should stop foreign buyers from scooping up Canadian assets, and the Competition Bureau has already opened a review.
An Ipsos survey found 64 percent want the federal government to “stop the sale of Canadian companies to all foreign investors.” A KPMG poll of 250 business leaders put support for halting critical-mineral exports to the U.S. at 61 percent, with Ontario dissent topping the poll. Both are stating a majority view and these numbers are enough to make any cabinet minister have second thoughts.
Ottawa Faces Poll-Driven Pressure
Under the Investment Canada Act, the industry minister can block, condition or unwind a deal if it is “not of net benefit to Canada.” François-Philippe Champagne can park the merger, drag Anglo into hearings, or force divestitures before signing off. Teck’s mines employ about 9 000 people in B.C. and Alberta, a job count that turns into a political movement every time foreign control enters the conversation.
Pierre Poilievre has already promised to “stop hostile takeovers that ship paycheques overseas,” while the NDP wants hard guarantees on smelter jobs. That leaves the minority Liberal government staring at poll numbers that read like a flashing red light: ignore them and risk losing swing ridings in coming elections.
Merger Math Gets Harder
Anglo American says the tie-up would create a “global copper champion” just as demand for the metal soars in EV grids. That pitch met an immediate reality check when the Competition Bureau confirmed a formal review and cast doubts if Teck investors are getting the best deal in this proposed merger.
Some analysts claim the offer undervalues Teck’s coal spin-off and threatens long-term Canadian control of critical-mineral supply chains. Provincial governments are not neutral: B.C. collects roughly C$450 million a year in royalties from Teck’s steelmaking coal, money that vanishes if operations shift offshore.
Polls showing a majority of Canadians reaching a consensus are rare. Ottawa would do well to keep a firm hand on the resource till, and use the powers they have to take real actions against deals that do not benefit Canadians. Unless Anglo raises its Canadian content, the deal may end up on the same shelf as BHP’s bid for PotashCorp: the one marked “dead on arrival.”
