Anglo American And Teck To Merge In $53 Billion Copper Deal

Dubai (PlantAndEquipment.com) - London-listed Anglo American and Canada’s Teck Resources have agreed to merge, creating one of the world’s largest copper producers in a transaction valued at more than $53 billion. The deal ranks as the mining sector’s second-biggest merger, following Glencore’s $90 billion takeover of Xstrata in 2013.

Under the agreement, Anglo shareholders will hold 62.4% of the new company, Anglo Teck, while Teck investors will own 37.6%. The combined entity will be headquartered in Canada with a primary stock listing in London.

The merger is expected to deliver annual cost savings and efficiency gains of around $800 million by the fourth year after closing. It will also create the world’s fifth-largest copper producer, positioning the company to benefit from surging demand for the metal driven by electric vehicles, renewable energy, and artificial intelligence.