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Over 50% of Anglo’s shareholders
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At least 66.6% of Teck’s shareholders
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Court approval in Canada
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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.”
