Here are five things you need to know this morning
Teck takeover sets off global mining moves
The planned takeover of Canada’s Teck Resources has set off another round of moves by the world’s mining giants. BHP Group of Australia says that after preliminary discussions with the board of directors of UK-based Anglo American, it is no longer considering a combination of the two companies. Bloomberg News is reporting the initial offer was a mixture of cash and stock, in a move to disrupt Anglo’s planned takeover of Teck. The intrigue comes two weeks ahead of Anglo and Teck shareholders voting on the US$60 billion merger. The plan also still requires approval from Ottawa.
Canada to resume trade talks with India
Canada and India have agreed to resume bilateral trade talks. The announcement came this weekend after a meeting between Prime Minister Mark Carney and Indian Prime Minister Narendra Modi on the sidelines of the G20 summit in South Africa. The leaders aim to reach US$50 billion in bilateral trade by 2030. The two countries exchanged about 31 billion dollars in goods and services last year.
Canada to intensify Mercosur trade talks
Prime Minister Carney has also agreed to intensify free trade talks with the South American trade bloc known as Mercosur. Carney met with Brazil’s President during the G20 summit. Ottawa claims bilateral trade with Mercosur is a significant opportunity for Canada’s economy in sectors like industrial goods, chemicals, forestry and seafood. Mercosur has a combined GDP of over 4 trillion dollars.
Joly heading to South Africa
Industry Minister Melanie Joly is heading to South Korea today to meet with major Asian companies to attract large investments into Canada’s defence sectors. The meetings will include talks with one of two bidders on Canada’s major procurement project. Joly is also meeting with a Korean business conglomerate and heading to Tokyo afterward. Her talks will cover the automotive industry, battery manufacturing, ship building and mining.
Ozempic Alzheimer’s failure
Shares of Novo Nordisk traded lower in the pre-market after the pill version of its weight loss drug Ozempic failed to slow Alzheimer’s disease in patients in a pair of large studies. The company said trials to use the drug for Alzheimer’s was a “long-shot” effort, as it struggles to regain its footing in the obesity market after losing its top spot to Eli Lilly.
