The agreement, being called a ‘merger of equals,’ still needs shareholder approval
Teck Resources Limited announced on Monday (Sept. 8) that an agreement is in place for the company to merge with Anglo American and be renamed Anglo Teck.
The new company will be headquartered in Vancouver, with significant business leadership roles in South Africa and the U.K.
Anglo American is currently based in London, England. Anglo American’s current CEO, Duncan Wanblad, will move to Vancouver to work as the head of the new company.
While the boards of both companies unanimously approved the merger, the deal still needs shareholder approval. Teck called the deal a “merger of equals.”
The merger is also subject to regulatory approval, a process the companies expect to take about 12 to 18 months.
If approved, Anglo shareholders will own approximately 62.4 per cent of the new company and Teck shareholders will own approximately 37.6 per cent, on a fully diluted basis.
B.C. Premier David Eby touted the deal in a social media post, highlighting that Anglo Teck will become the largest company to establish its headquarters in B.C. and will also become the world’s largest critical mineral company.
“What a remarkable vote of confidence in the people and resources of B.C., and our province’s role as the engine of the new Canadian economy,” Eby said.
