Loading ...Anglo, Teck forge $53 billion mining giant in bet on surging copper demand
London-listed Anglo American and Canada’s Teck Resources will merge in a $53 billion deal, the companies said on Tuesday, the biggest mining tie-up in more than a decade.
The new company, Anglo Teck, will be based in Canada with a primary listing in London, the firms said.
“Anglo American has turned from prey to predator. The deal to buy Teck Resources, if it completes, means Anglo has not only pulled itself out of a hole, but also sends a message to mining peers that it is not a pushover.
Combining with Teck will give Anglo greater scale in copper, a commodity in strong demand thanks to its key role in the transition to clean energy.
The deal is a win for the UK stock market as the enlarged Anglo Teck group will have its primary listing in London. Anglo clearly believes the UK works well as a listing venue and that sends a positive message to other businesses undergoing M&A.”