Impending change to Investment Canada Act could complicate Glencore’s pursuit of Teck

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A proposed amendment to the Investment Canada Act could complicate Glencore PLC’s GLNCY takeover ambitions around Canadian miner Teck Resources Ltd. TECK-A-T 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...