Anglo American, Teck Resources shareholders clear combination deal

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This article was published 09/12/2025 (281 days ago), so information in it may no longer be current.

Shareholders have given their blessing to a plan by Anglo American PLC and Teck Resources Ltd. to join forces and create one of the world’s biggest copper miners. 

Two resolutions were up for a vote at Anglo American’s meeting in London on Tuesday. 

The first was on the allotting of new shares for the merger and received support from 99.17 per cent of the votes cast. Another on changing the company name to Anglo Teck after the two companies combine was backed by 99.98 per cent of the shares voted. 

A contentious third resolution on executive compensation related to the deal was withdrawn ahead of the meeting. 

“We are extremely pleased to have received such strong support both from shareholders and stakeholders alike,” Anglo American CEO Duncan Wanblad said in a news release. 

“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 combined company would offer investors more than 70 per cent exposure to that in-demand  metal, Wanblad added. 

A separate vote by Teck shareholders was held a short time later in Vancouver. They, too, endorsed the deal. 

Teck said in a news release that 99.7 per cent of the votes from Class A common shareholders and 89.7 per cent from Class B subordinate voting shareholders were cast in favour.

The Anglo vote needed a simple majority to pass, while Teck had to meet a two-thirds support threshold. 

“This resoundingly positive vote marks an important milestone in creating Anglo Teck — a global leader in critical minerals headquartered in Canada,” said Teck president and CEO Jonathan Price in a statement. 

“Anglo Teck will be positioned to deliver long-term value through a world-class copper growth portfolio, operational and functional synergies and a stronger platform to meet growing demand for critical minerals essential to global economic growth and the energy transition.” 

The British and Canadian companies announced what they’ve called a “merger of equals” in September that would forge a $70-billion copper mining powerhouse. They have said the combined company would be renamed Anglo Teck, and would have a head office and several top executives based in Vancouver. 

The proposal is still subject to review under the Investment Canada Act, which can be used to block deals deemed against the national interest.

The transaction has been met with resistance in South Africa, where Anglo American was founded more than a century ago.  

Economist and public policy analyst Duma Gqubule published a report last week arguing that the benefits of the deal are disproportionately skewed toward Canada and that the South African government must block it. 

“This merger will provide a final death knell to Anglo in South Africa. It will transfer wealth and strategic control to Canada while leaving South Africa with a shell of its former mining economy,” Gqubule said in a news release.  

“We must stop the merger, and we must bring back our minerals.”

This report by The Canadian Press was first published Dec. 9, 2025.

Companies in this story: (TSX:TECK.B)