Anglo American shareholders set to vote on Teck merger in December

Anglo American PLC on Monday said it will seek shareholder approval for its proposed merger with Teck Resources Ltd.

The general meeting of shareholders is scheduled for December 9.

Early in September, Anglo American said it had signed an agreement with Teck to combine their respective businesses to form Anglo Teck PLC.

Shareholders of Anglo American will own 62.4% of the enlarged company and Teck shareholders 37.6%.

Anglo American early last month backed the deal though Teck unexpectedly revised down its production guidance for the Quebrada Blanca operation in Chile.

‘We believe the formation of Anglo Teck as a global critical minerals champion will unlock outstanding value for both companies’ shareholders and stakeholders, in the near term through a unique combination of available industrial and other synergies, and longer term through enhanced portfolio quality, resilience and strategic positioning,’ Anglo Chief Executive Officer Duncan Wanblad said in a statement on Monday.

‘Anglo Teck will benefit from an industry-leading portfolio of producing operations – as one of the world’s largest copper producers, alongside high-quality premium iron ore and zinc businesses – with exceptional growth optionality across its current product portfolio and in crop nutrients,’ Wanblad said.

Anglo American shares were up 2.5% to 2,834.31 pence in London on Monday, and rose 1.7% to R 641.67 in Johannesburg.

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