Teck chair calls Anglo deal 'absolute best path forward'
Copper-focused Teck Resources has filed its meeting materials ahead of a special shareholder meeting on December 9 to approve a merger with Anglo American, creating a new global mining leader headquartered in Canada.
“This merger presents a unique opportunity to create a global mining powerhouse headquartered in Canada, offering our shareholders the chance to participate in a larger company with greater resilience, growth potential and strategic flexibility for the long-term,” said chairperson Sheila Murray.
“Your board unanimously recommends this merger, as we firmly believe it is the absolute best path forward to realise the full potential of our strategy and our portfolio.”
The merger, announced in September, will form Anglo Teck, a top-five global copper producer with a premier portfolio of copper, zinc and iron-ore assets. Teck shareholders will own about 37.6% of the combined company, retaining exposure to future value creation from operational synergies and strategic initiatives across Anglo American’s global assets.
Jonathan Price, Teck president and CEO, said the deal was expected to deliver “tremendous value for Teck shareholders” and support Canada’s economic opportunity in critical minerals, while creating a company with scale, resilience and enhanced capital markets profile.
The Teck board has unanimously recommended shareholders vote for the merger, which is expected to close within 12 to 18 months, subject to regulatory and shareholder approvals.
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