Anglo American PLC (LON: AAL) and Teck Resources Limited (NYSE: TECK) (TSE: TECK.A) (TSE: TECK.B) secured federal approval for their planned merger of equals, moving the miners closer to forming Anglo Teck Group, a new entity that will be headquartered in Vancouver.
The companies said the Government of Canada’s decision marks a major step toward completing a deal they first announced in September.
The companies expect Anglo Teck’s structure to give Canada a larger role in global critical minerals. Shareholders of both firms approved the merger on December 9. The transaction still requires regulatory clearance from several international authorities. The deal will give Anglo American shareholders about 62.4 per cent of the combined company, while Teck shareholders will own roughly 37.6 per cent.
Teck chief executive Jonathan Price called the approval a meaningful advance for the proposed company. He said the merger would join two established miners into a business with greater reach, stronger capabilities and long-term commitments to investment in Canada. He added that the integration will support economic activity and generate jobs across the country.
The combined group pledged to spend at least CAD$4.5 billion in Canada over five years. It also committed to invest at least CAD$10 billion in the country over fifteen years.
Those investments include extending the life of the Highland Valley Copper mine, expanding processing capacity at the Trail refining complex and advancing two major copper developments. The firm plans to seek inclusion in Canada’s main stock indexes. Additionally, Anglo Teck will base most senior leadership in Canada, including the CEO, deputy CEO and CFO.
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Anglo American contributes global scale and strong balance sheet
The merger gives both companies a chance to consolidate copper assets during a period of rising demand for energy metals.
Teck brings a portfolio that includes the Highland Valley mine, the Trail metallurgical complex and the large Quebrada Blanca operation in Chile, although that site has faced operational difficulties. Anglo American contributes global scale, strong balance-sheet depth and key properties. This includes the Collahuasi copper mine in Chile, which sits near Teck’s assets.
In addition, the deal’s all-share structure, set at 1.3301 Anglo American shares for each Teck share. It also allows both firms to retain cash for long-term projects.
Analysts say the combination could reshape the competitive landscape in global copper production. The merged company will operate significant deposits across multiple continents. Furthermore, it will have the scale to pursue expansion in jurisdictions looking to secure critical minerals supply. Meanwhile, regulatory reviews in other regions continue and will determine the final timing for completion.
