Anglo American and Teck approve $53b merger

Anglo American and Teck shareholders have approved the merger of equals to form Anglo Teck.

A majority of votes, 99.7%, were cast in favour of the merger resulting in an all-stock, nil-premium $53b transaction.

Anglo American chief executive Duncan Wanblad comments on the merger.

“We are extremely pleased to have received such strong support both from shareholders and stakeholders alike,” he said.

“Bringing together the best of both companies, Anglo Teck is set up to deliver outstanding value for shareholders of both companies – in the near term through a unique combination of industrial and other synergies, and in the longer term by applying proven capabilities to exceptional growth optionality, offering investors more than 70% exposure to copper.

“Looking ahead, we will continue to work closely with Teck and the regulatory authorities across various jurisdictions during the course of 2026 to obtain the necessary approvals to progress towards completion.”

Anglo Teck is expected to be a top five global copper producer with combined production from its mines in Chile, Peru and Canada of about 1.2mt and predicted to reach 1.35mt by 2027.

This merger approval takes place a month after the world’s largest mining company, BHP (ASX: BHP), confirmed it was no longer considering a $75b takeover of Anglo American.

The completion of the merger is awaiting approval under the Investment Canada Act and competition and regulatory approvals in various jurisdictions globally.