Shareholder approvals clear path for Anglo-Teck merger’s regulatory test
Anglo American and Teck Resources have secured overwhelming shareholder backing for their proposed merger of equals, clearing a key milestone and shifting the focus to the global regulatory approvals required to establish Anglo Teck – a Canada-headquartered critical minerals major and one of the world’s top copper producers.
Teck on Tuesday reported that 99.7% of votes cast by its Class A shareholders and 89.7% of votes cast by Class B shareholders supported the plan of arrangement under the Canada Business Corporations Act. The outcome comfortably surpassed the required two-thirds approval threshold for each class.
Earlier in the day, Anglo American shareholders also backed the issuance of new Anglo shares to Teck shareholders and approved the planned name change to Anglo Teck plc, which will take effect upon completion of the merger.
A third resolution, dealing with executive compensation related to the transaction, was withdrawn ahead of the meeting.
Anglo American CEO Duncan Wanblad welcomed the vote, saying the “strong support marks a major milestone towards forming Anglo Teck”. He said the combined business would deliver near-term value through industrial and other synergies, while its copper-heavy portfolio would provide long-term optionality with more than 70% exposure to the metal.
Teck CEO Jonathan Price said the shareholder endorsement set the stage for creating a company with a “world-class copper growth portfolio” and a stronger platform to meet rising demand for critical minerals essential to the energy transition.
He added that the companies now looked forward to progressing regulatory approvals for the benefit of shareholders, employees, communities and partners.
With shareholder approval secured, the focus moves to regulatory scrutiny in multiple jurisdictions. The transaction will undergo review under the Investment Canada Act, which allows authorities to block deals deemed contrary to the national interest. Competition and regulatory approvals will also be required across various countries, alongside final approval from the Supreme Court of British Columbia.
Both companies expect these processes to run through 2026.
Although described as a merger of equals, the combined group would be headquartered in Vancouver and maintain its primary listing in London. Anglo has also emphasised that it intends to preserve its longstanding ties to South Africa, where it was founded more than a century ago.
The transaction is, however, attracting criticism in South Africa. Economic development and transformation adviser Duma Gqubule has urged authorities to halt what he calls Anglo’s “sellout to Canada”, arguing that the deal is not a genuine merger of equals. He notes that Anglo’s market capitalisation is more than double that of Teck and contends that Canada stands to gain the most from the combination.
If ultimately approved, Anglo Teck would represent one of the most significant corporate consolidations in the global mining sector in recent years, reshaping the copper landscape and establishing a new Canada-based critical minerals champion.
