Britain’s Anglo American PLC and Canada’s Teck Resources Ltd. announced Tuesday they will merge in a $52 billion all-share deal, creating a copper-mining titan at the center of the global push for green energy.
The Anglo American Teck Mining Merger comes just months after both firms swatted away takeover attempts by heavyweight rivals. The deal, pitched as a “merger of equals,” will see Anglo hold 62.4% of the combined group and Teck 37.6%.
London Holds the Primary Listing
The enlarged company will be headquartered in Canada but will keep its primary listing in London, a symbolic lifeline to the UK market, where Anglo is a FTSE 100 member. The shares will also trade in Johannesburg, Toronto, and New York.
Investors cheered the announcement—Anglo American stock jumped nearly 9% in London trading. Analysts called the decision a strong endorsement of London’s role in hosting global mining giants.
Terms of the Mega-Deal
The merger will be executed under the Canada Business Corporations Act. Anglo will issue 1.3301 new shares for every Teck share. Anglo also plans to issue a $4.5 billion special dividend to its shareholders before the merger closes.
The agreement still needs multiple approvals:
