- Foreign TSX issuers can qualify if they have material substantive connection to Canada
- Change follows market consultation launched in July
- Implementation is planned for December 21, 2026
TORONTO, (Reuters) - 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.
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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.
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S&P/TSX Canadian Indices include the TSX Composite, Canada's benchmark stock index.
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Anglo American's $53 billion all-stock merger with TSX Composite company Teck Resources is expected to close between September and March, which would create the world's fifth-largest copper producer.
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Under the proposed deal, the new company Anglo Teck will be headquartered in Canada but have a primary stock listing in London.
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"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.
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"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."
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The change comes after a consultation with market participants that was launched in July. Implementation is planned for December 21, 2026.
Reporting by Fergal Smith; Editing by Aurora Ellis
Source: Reuters