16th Dec 2025 08:53
(Alliance News) - Anglo American PLC and Teck Resources Ltd on Tuesday said the Canadian government has approved their proposed merger of equals under the Investment Canada Act, marking a step toward forming "Anglo Teck".
The enlarged mining company will be headquartered in Vancouver but have its primary listing on the London Stock Exchange.
A majority of Anglo Teck's senior management will be based in Canada, including the chief executive, deputy CEO, and chief financial officer.
The approval includes binding commitments for Anglo Teck to spend at least CAD4.5 billion, around USD3.3 billion, in Canada within five years, and CAD10 billion over 15 years.
Teck CEO Jonathan Price said: "This merger will combine two world-class companies to form a business of significant scale and capability that will deliver billions in investment."
The merger was approved by each company's shareholders at meetings held on December 9.
Completion remains subject to relevant competition and regulatory approvals in various jurisdictions globally. The merger has already received competition approvals in Canada and Australia, and other reviews are progressing.
Anglo CEO Duncan Wanblad said: "We are all committed to preserving and building on the proud heritage of both companies."
Shares in Anglo American were up 0.1% at 2,854.00 pence each in London on Tuesday morning. Teck Resources Class B shares closed slightly higher at CAD59.30 in Toronto on Monday.
By Jeremy Cutler, Alliance News reporter
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