Teck Resources And Anglo American Merge To Form Anglo Teck

Teck Resources

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(RTTNews) - Teck Resources Limited (TECK, TECK_A.TO, TECK_B.TO) and Anglo American plc (AAL.L, AAUKY.PK, AAM.SW, NGLB.DE, AGL.JO) have agreed to merge as equals to form Anglo Teck Group.

Under the plan of arrangement, Anglo American will issue 1.3301 ordinary shares for each Teck Class A and Class B share. Anglo Teck will be listed on the LSE, JSE, TSX, and NYSE, with its global headquarters in Vancouver and corporate offices in London and Johannesburg.

Anglo American will pay a special dividend of US$4.5 billion ahead of the merger's completion.

Post-merger, Anglo American and Teck shareholders will own approximately 62.4% and 37.6% of Anglo Teck, respectively. The executive team, led by CEO Duncan Wanblad, Deputy CEO Jonathan Price, and CFO John Heasley, will be based in Canada, with representation from South Africa and the UK.

Anglo Teck expects to generate US$800 million in annual pre-tax synergies within four years and plans to invest C$4.5 billion in Canada over five years to support copper mining, mineral processing, innovation, and job growth.

Prior to completion, Anglo American will seek shareholder approval to change its legal name to "Anglo Teck plc" from completion of the Merger and, from and after completion of the Merger, Anglo Teck will conduct its business under the "Anglo Teck" trade name.