Politicians and business lobby groups have asked the federal government to block the $22.5 billion bid and Ottawa has said Glencore would face rigorous scrutiny.
Canada’s large pension funds are globally known investors, managing more than $1 trillion of savings, but their exposure to domestic equities has steadily declined over the past decade since Canadian equity markets represent just 3% of the global equity market. The Canadian pension funds have benchmarked their investments to that level, according to the presentation.
Last month, Teck pulled its proposal to split the company into separate coal and copper businesses after failing to secure shareholders’ support. Institutional investors argue, a more influential holding would have helped Teck to pull off its plan and ended Glencore’s pursuit. Montreal-based Lekto said he has recently written to the federal government’s finance ministry and provincial governments urging pension funds to increase their exposure in domestic market.Quebec pension fund CDPQ declined to comment on “political and legislation matters.” All other pension funds did not respond to Reuters request for comments.“Given that so much of this capital is directed towards international investment, it risks not contributing to Canada’s economic growth,” Letko added.
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