---
title: "Anglo American → Teck Resources"
url: "https://mahouse.world/ma-deals/anglo-american-buy-teck-resources-2025"
type: "M&A deal"
year: "2025"
---

# Anglo American → Teck Resources

An all-share merger of equals, agreed in September 2025, to combine Anglo American with Canada's Teck Resources as Anglo Teck, a copper-focused miner worth about $53bn and based in Vancouver — approved by shareholders and by Ottawa, but as of 29 September 2026 still awaiting its final regulatory clearance.

A no-premium merger of equals to form Anglo Teck, with Anglo holders taking 62.4% of a copper-focused group.

- **Acquirer:** Anglo American (United Kingdom)
- **Target:** Teck Resources (Canada)
- **Value:** $53B
- **Announced:** September 2025
- **Completed:** Pending
- **Sector:** Industrials
- **Deal type:** merger

## Why it mattered

Both companies had spent the previous years fending off larger rivals. Teck rejected a $23.1bn hostile offer from Glencore in 2023 and then sold its steelmaking coal business, largely to Glencore. BHP made three approaches to Anglo in 2024, including a £39bn proposal, and Anglo responded by reshaping itself: it demerged its platinum business as Valterra Platinum in May 2025 and sought a buyer for De Beers. Combined, the two would form a top-five copper producer with six major copper mines and more than 70% of its business in copper. Among them are Collahuasi, 44% owned by Anglo, and Teck's neighbouring Quebrada Blanca in Chile, where the companies expected joint operation to add $1.4bn a year of EBITDA from 2030 to 2049, on top of $800m of annual synergies.

Under the terms announced on 9 September 2025, each Teck share is to become 1.3301 Anglo American shares. Anglo's own shareholders receive a $4.5bn special dividend, declared before completion, and keep about 62.4% of the group, which let the companies present the deal as carrying no premium. Anglo Teck would keep its primary London listing and be run from Vancouver by Anglo's Duncan Wanblad, with Teck's Jonathan Price as deputy.

## What it left behind

BHP approached Anglo again in November 2025 and withdrew when rebuffed. Anglo dropped a plan to pay executives bonuses on completion, including an estimated £8.5m for Wanblad, after investors objected. Shareholders of both companies approved the merger on 9 December, and on 15 December Canada approved it under the Investment Canada Act, against binding commitments that Anglo Teck spend at least C$4.5bn in Canada within five years and C$10bn over fifteen. In July 2026 the companies named Anglo Teck's executive team and said final regulatory approval was expected between September 2026 and March 2027; on 1 September Teck said completion would follow eleven trading days after the remaining conditions were met. For companies that have each fought off a larger bidder, a no-premium merger of equals can be the alternative to being bought, though the cost of political consent falls on the combined group for years.

Source: https://www.theguardian.com/business/2025/sep/09/anglo-american-merge-teck-copper-london-listing