Anglo American and Teck agree all-share merger to create Anglo Teck

Anglo American and Teck Resources announced on 9 September 2025 that they would combine in an all-share "merger of equals" to form Anglo Teck, a copper-heavy miner with a combined value put at about $50bn when the deal was unveiled. The figure used here is that combined valuation rather than a cash price.

Terms

Anglo will issue 1.33 new shares for every Teck class A and class B share, leaving Anglo shareholders with 62.4% of the enlarged group and Teck investors with 37.6%. Before completion Anglo is to pay its own shareholders a special dividend of about $4.5bn. Anglo Teck will be headquartered in Canada, carry a primary listing in London and keep secondary listings in Johannesburg, Toronto and New York. Duncan Wanblad is to lead the group, with Teck chief executive Jonathan Price as his deputy.

The companies expect about $800m a year in pre-tax cost savings, much of it from running Teck's Quebrada Blanca mine in Chile alongside the neighbouring Collahuasi operation, in which Anglo holds 44%. About 70% of the merged group's output would be copper.

Where it stands

Shareholders of both companies approved the merger in December 2025, and the Canadian government approved it under the Investment Canada Act in mid-December 2025. By September 2026 the main outstanding approval was from China's State Administration for Market Regulation. On 1 September 2026 Teck said completion would take place 11 trading days after the last conditions are met, and that the window for paying Anglo's special dividend had been lengthened from 30 to 45 days after the effective date.

Why it matters for Africa

For South Africa, the deal marks the end of Anglo American as a stand-alone company founded in Johannesburg. The group has already spun off its platinum business, is selling De Beers and is disposing of coal and nickel, which leaves Kumba Iron Ore as the main South African asset that Anglo Teck will inherit. The JSE secondary listing keeps a local investor base, but strategic decisions will move to Vancouver and London.

Sources

• Miningmx: Anglo unveils merger of equals with Teck to form Anglo Teck, 09 Sept 2025
• Mining.com.au: Teck-Anglo merger advances as Glencore plays hardball, 02 Sept 2026
• Miningmx: Diamonds to stay in Anglo Teck until anti-trust approval, 18 Aug 2026
• Mining Review Africa: Government of Canada approves Anglo–Teck merger of equals, 17 Dec 2025
• EWN: Merger of Anglo American and Canada's Teck Resources approved by shareholders, 10 Dec 2025

Photo: The Collahuasi copper mine in northern Chile, partly owned by Anglo American. Diego Delso, Wikimedia Commons, CC BY-SA 4.0.