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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:

• Over 50% of Anglo’s shareholders

• At least 66.6% of Teck’s shareholders

• Court approval in Canada

• Clearance under the Investment Canada Act and other regulators

If the deal falls through, a $300 million break fee awaits. Both companies expect the merger to close within 18 months.

Financial and Strategic Muscle

The new Anglo Teck Group will save about $800 million annually by year four post-merger, the companies said. Beyond cost-cutting, the combined copper mines—especially in Chile’s copper belt—position the group as a heavyweight supplier of a critical mineral for electric vehicles, renewable grids, and green infrastructure.

Duncan Wanblad, CEO of Anglo American, will become the chief executive of the combined entity, while Teck’s Jonathan Price will serve as deputy CEO.

From Targets to Titans

The copper boom has made both Anglo and Teck magnets for takeover bids. Anglo rebuffed a £34 billion offer from BHP Group, choosing instead to restructure around copper, premium iron ore, and fertilizers. Teck, meanwhile, fended off Glencore PLC in 2023, forcing the Swiss giant to settle for its coal assets instead.

“Anglo American has turned from prey to predator,” said Russ Mould of AJ Bell. “This sends a message to mining peers that it is not a pushover.”

Legal and Financial Architects

The legal heavyweights are as global as the miners themselves:

• Anglo American: advised by Latham & Watkins LLP, Canada’s Torys LLP, and South Africa’s Webber Wentzel.

• Teck: guided by Wachtell Lipton Rosen & Katz, Stikeman Elliott LLP, and Freshfields LLP, with tax counsel from Felesky Flynn LLP.

Financial advisers include Centerview Partners, Morgan Stanley, Goldman Sachs, and RBC Capital Markets for Anglo.