Anglo American has received overwhelming shareholder approval to merge with Canada’s Teck Resources, paving the way for the creation of Anglo Teck, a new global mining powerhouse headquartered in Canada.
Founded in 1917 in South Africa, Anglo American began as a gold mining company before expanding into diamonds, coal, and other minerals. Today, it operates as an England-based multinational. Its South African presence now primarily resides in Kumba Iron Ore, following the recent unbundling of Anglo American Platinum—now Valterra Platinum—earlier this year.
The merger comes amid Anglo American’s efforts to fend off takeover bids from rival BHP. Under the agreement:
- Ownership Split: Anglo American shareholders will hold approximately 62% of the combined entity, while Teck shareholders will own the remaining shares.
- Special Dividend: Anglo will pay a $4.5 billion special dividend to offset the impact of the transaction.
- Shareholder Support: The deal received 99% approval from Anglo shareholders last week, with Teck shareholders now also voting in favor.
South African-born Anglo American CEO Duncan Wanblad hailed the merger as a transformative step:
Today marks a major milestone towards forming Anglo Teck – a global critical minerals champion, headquartered in Canada, and a top five global copper producer.
The merger positions Anglo Teck to capitalize on the global electrification trend, which is driving surging demand for copper and other critical minerals.
Wanblad added:
Bringing together the best of both companies, Anglo Teck is set up to deliver outstanding value for shareholders of both companies. Looking ahead, we will continue to work closely with Teck and regulatory authorities across various jurisdictions during 2026 to obtain the necessary approvals.
Completion of the merger remains subject to customary regulatory conditions. As part of the deal:
- Relocation: CEO Duncan Wanblad will move from London, UK, to Vancouver, Canada.
- Valuation: Anglo Teck is expected to have a combined value of approximately $53 billion.
