S&P Dow Jones Indices loosens Canadian index inclusion criteria
EWC•Market reaction and timing
"It is highly likely that Anglo Tech will be permitted to remain in the S&P/TSX Composite Index under the proposed methodology," said Robert Gill, a portfolio manager at Fairbank Investment Management.
"Its attachment to Canada remains unusually strong — it brings a substantial Canadian economic footprint, with headquarters in Vancouver and plenty of spending in Canada for the foreseeable future."
The change comes after a consultation with market participants that was launched in July. Implementation is planned for December 21, 2026.
Potential impact on the TSX Composite
S&P/TSX Canadian Indices include the TSX Composite, Canada's benchmark stock index.
Anglo American's AAL.L $53 billion all-stock merger with TSX Composite company Teck Resources TECKb.TO is expected to close between September and March, which would create the world's fifth-largest copper producer.
Under the proposed deal, the new company Anglo Teck will be headquartered in Canada but have a primary stock listing in London.
S&P Dow Jones changes eligibility rules for Canadian indices
S&P Dow Jones Indices (S&P DJI) said on Friday it will change the eligibility criteria for S&P/TSX Canadian Indices, with the move potentially opening the door to the inclusion of major copper producer Anglo-Teck, according to investors.
Under the new criteria, foreign issuers listed on the Toronto Stock Exchange but neither domiciled nor incorporated in Canada could qualify for inclusion if they have a material and substantive connection to Canada. Previously, only TSX-listed companies domiciled or incorporated in Canada were eligible.
