Here are five things you need to know this morning
Teck Resources takeover by Anglo American: Shares of Teck Resources surged in the premarket after the Canadian company agreed to be taken over by U.K. miner Anglo American. The combined firm would have a market value of more than US$53 billion, making it one of the leaders in the copper industry. Teck’s controlling shareholder is backing the all-stock deal. If the deal goes ahead, Anglo shareholders will own more than 62 per cent of the combined company, and its operational headquarters will be in Vancouver. A key rationale for the deal is the expected cost-savings at Teck’s huge Chile copper mine, Quebrada Blanca, which has experienced cost overruns and operational difficulties. Anglo American owns 44 per cent of the nearby Collahuasi mine and plans to combine the two mines’ operations. Federal Industry Minister Melanie Joly says the proposed merger would trigger reviews to ensure it aligns with Canada’s economic and security priorities.
Cenovus $1.9 billion deal: Cenovus Energy is selling its 50 per cent ownership stake in U.S. energy company WRB Refining to Phillips 66. The deal is valued at about $1.9 billion in cash. The WRB joint venture includes refineries in Illinois and Texas which have a combined output of 495,000 barrels per day.
Quebec boosts aluminum exports: Aluminum producers in Quebec are sending more of their product to Europe as tariffs are making shipments to the U.S. more expensive. Aluminum exports to the U.S. from Quebec fell from 95 per cent in the first quarter to 78 per cent in the second. Conversely, exports to Europe went from 0.2 per cent to 18 per cent in the same period.
Murdochs settle succession plan: The Murdoch family has finalized a settlement laying out its succession plan. The family owns the Fox broadcast network, the Wall Street Journal and Harper Collins book publishing. Rupert Murdoch’s son Lachlan Murdoch will be sole beneficiary of the trust that controls Fox News network. He will also be given board control and ensure the media empire retains its conservative slant. His siblings are ceding their stake for US$1.1 billion, according to a report from Bloomberg News.
Bell Canada launches Bell Cyber: Bell Canada is launching Bell Cyber, a new brand that unifies all of Bell’s cybersecurity capabilities. The branding follows Bell’s acquisition of Stratejm, a Canadian provider of end-to-end Security-as-a-Service solutions, real-time threat detection and streamlined incident response. CTV News, BNN Bloomberg and CP24 are owned by Bell Media, which is a division of BCE.
