Anglo and Teck to join forces and form global copper giant
Anglo American and Canada's Teck Resources are set to merge, forming Anglo Teck. According to Reuters, the London-listed miner will own about 62.4% of the new company, while the Canadian miner will control 37.6%.
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Headquartered in Canada, the new global critical minerals champion and copper producer is expected to offer investors more than 70% exposure to copper, according to a statement.
The merger, according to Anglo, is projected to deliver annual pre-tax synergies of approximately $800m by the end of the fourth year following the completion of the transaction.
Anglo Teck will work with key Chilean stakeholders and partners in Collahuasi and Quebrada Blanca to optimise the value of these adjacent assets.
Anglo American's Duncan Wanblad will serve as CEO, with Teck's Jonathan Price as deputy CEO and John Heasley as CFO.