Teck Resources Limited and Anglo American plc announced that their shareholders voted on Tuesday, December 9, 2025, to approve a special resolution that will merge the two companies into a single entity, Anglo Teck. The vote was overwhelmingly in favor, with 99.7% of Class A common shareholders and 89.7% of Class B subordinate voting shareholders supporting the deal, clearing a key hurdle in the transaction’s approval process.
The merger is designed to create a top‑five copper producer by combining Teck’s Quebrada Blanca mine in Chile with Anglo American’s Collahuasi operation. Together, the two mines will form one of the world’s largest copper complexes, giving the combined company more than 70% exposure to copper – a critical mineral for the global energy transition. The strategic rationale is to unlock scale, improve operating leverage, and secure a leading position in a market where copper demand is rising sharply due to electric‑vehicle production and renewable‑energy infrastructure.
Teck estimates that the integration of Quebrada Blanca and Collahuasi will generate annual EBITDA synergies of approximately US$1.4 billion. The synergies arise from shared infrastructure, joint procurement, and the ability to optimize mine schedules and production flows. The combined entity will also benefit from cost‑saving opportunities in logistics, maintenance, and administrative functions, further enhancing profitability.
The merger remains subject to regulatory and court approvals, including the Investment Canada Act and competition reviews in Canada, the United Kingdom, and other jurisdictions. The parties expect the regulatory process to continue through 2026, and the transaction will be contingent on the completion of all required approvals. The deal is structured as a merger of equals, with Anglo American shareholders projected to own about 62.4% of the combined company and Teck shareholders about 37.6%.
Management has expressed strong confidence in the transaction. Duncan Wanblad, CEO of Anglo American, said, “Today marks a major milestone toward forming Anglo Teck – a global critical‑minerals champion headquartered in Canada and a top‑five global copper producer.” Jonathan Price, President and CEO of Teck, added, “This resoundingly positive vote marks an important milestone in creating Anglo Teck, a global leader in critical minerals headquartered in Canada.”
The approval comes at a time when copper prices have reached record highs, underscoring the strategic importance of the deal. Analysts view the merger as a way to secure a leading position in a market that is expected to grow as the world shifts to low‑carbon technologies. The combined company’s scale and geographic footprint will position it to capture a larger share of the expanding copper market while delivering value to shareholders through cost efficiencies and growth opportunities.
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