Anglo American and Teck to merge into Anglo Teck
British miner Anglo American and Canada’s Teck Resources announced on 9th September their merger to create Anglo Teck, a mining group valued at more than US$50 billion. If completed, the deal would place the company among the world’s ten largest miners by market value and one of the five biggest copper producers.
The merger, unanimously approved by both boards, will give Anglo American shareholders 62.4% of the new group and Teck shareholders 37.6%. The company will be headquartered in Vancouver, maintain a primary listing in London, and also be listed in Johannesburg, Toronto, and New York. Duncan Wanblad, current CEO of Anglo American, will lead Anglo Teck, while Teck CEO Jonathan Price will serve as deputy CEO.
The combined group expects US$800 million in annual synergies within four years, plus an additional US$1.4 billion in annual EBITDA gains projected for 2030 – 2049. Ahead of closing, Anglo American will pay a special dividend of US$4.5 billion to its shareholders. The deal, subject to regulatory approvals and shareholder votes, is expected to close within 12 to 18 months.
The announcement comes more than a year after Anglo American rejected a takeover bid by BHP, the world’s largest mining company by market capitalisation. In May 2024, Anglo American outlined a restructuring plan to simplify its asset portfolio and strengthen its copper focus, including the spin-off of its platinum arm Anglo American Platinum (already completed) and diamond division De Beers (still pending).
