Anglo American secures shareholder backing for £37.5 billion Teck merger

Shareholders in Anglo American and Canada’s Teck Resources have approved the 50 billion dollar (£37.5 billion) merger between the mining giants.

The deal will create one of the world’s largest copper producers, with the combined group becoming Anglo Teck.

Anglo American said around 99% of its shareholders voted in favour of the deal.

Bosses said they will work closely together in order to secure regulatory approval in different jurisdictions over the course of 2026.

Duncan Wanblad, chief executive of Anglo American said: “We are extremely pleased to have received such strong support both from shareholders and stakeholders alike.

“Bringing together the best of both companies, Anglo Teck is set up to deliver outstanding value for shareholders of both companies.

“In the near term through a unique combination of industrial and other synergies, and in the longer term by applying proven capabilities to exceptional growth optionality, offering investors more than 70% exposure to copper.”

The combined firm is set to be led out of Vancouver in Canada, although it will retain corporate offices in the UK and Johannesburg, South Africa.

Anglo American shareholders will own about 62.4% of the merged company and Teck the remaining 37.6%.

It will keep its primary listing on the London Stock Exchange (LSE), with secondary listings in Toronto, South Africa and New York.

The deal comes days after Anglo American ditched plans which would see its top bosses handed multimillion pound bonuses once the deal completes.

The FTSE 100 had planned to introduce changes to its long-term incentive schemes for bosses but said it would now drop these after shareholder objections.