Anglo American to merge with rival Teck in $53bn mining group | Anglo American

The miner Anglo American listed in London agreed to unite with a Canadian opponent TECK sources with an agreement that would form a global copper group of $ 53 billion ($ 39 billion) but increase business deductions.

Companies said on Monday, the largest mining bond over the years, the unification will be one of the world’s largest copper manufacturers, he said.

Anglo American pushed his business to restructuring by defending a series of attempts by a larger rival BHP last year.

Duncan Wanblad, General Manager of Anglo, said that the merger has created a global critical mineral champion with focus, agility, talent and culture that characterizes both companies so long.

“After making such significant progress with the Anglo American’s portfolio transformation,… He said the most appropriate time to take the next strategic step to accelerate our growth”.

Jonathan Price, General Manager of TECK, will be the assistant general manager of the united business.

Both bosses and other senior executives will be in Canada after the agreement, and the global center of the new business will be in Vancouver.

Companies said that the decision to shift Anglo’s Global Headquarters to Canada in accordance with the Canadian Government Investment Law came as a part of the commitments made to appease. They also guaranteed a clear decrease in the number of employees in the Canadian business ”.

However, the FTSE 100 company said it would maintain a list of primary stocks on the London Stock Exchange and protect corporate offices in London and Johannesburg. It will also be listed in Johannesburg, Toronto and New York markets.

The merger, which is expected to be completed within 12 to 18 months if approved by the regulators, should save an annual cost of $ 800 million in four years.

These savings are expected to come from the board of directors and head office of approximately 60 million dollars, and the business board of directors and executive leadership will increase the possibility of business deductions for what it calls “copy and rationalization .. Anglo and Teck are expected to arrive at $ 150 million from other corporate and business general expenses with “overlapping functions and abilities”.

Anglo is undergoing a radical restructuring to facilitate the focus of the American, iron ore and copper. This year, he released Platinum mining and is investigating the potential sales of the famous Diamond Business de Beers.

Anglo, which has the problem with the problem with the Woodsmith Mine Project in North Yorkshire, rejected the BHP Group’s transfer of 39 billion pounds from the BHP Group last year, and in 2023, in 2023, TEC rejected a purchase offer from Glencore to £ 16.6 billion.

Anglo American investors will have 62.4% of the new business, while the shareholders of the Teck will have the remaining 37.6%. The united market value is more than $ 53 billion.

Before the agreement is completed, Anglo will pay a special dividend of $ 4.5 billion or a $ 4.19 share. A $ 330 million break fee was accepted.

Aj Bell Investment Director Russ Mold said: “Anglo returned from Anglo American Prey to Predator. The agreement agreement of TECK resources not only removed him from a hole, but also sends a message because he was not a push to his mining peers.

“One minute, Anglo was fighting the interest of the BHP and led to a radical restructuring to show investors that it was suitable for the future, the next, the next, the belt rival Glencore is swinging in a job that he tried and could not buy.”

The agreement is one of the largest accepted in the mining sector. The biggest agreement in the registration is the merger of Glencore-Xstrata worth $ 90 billion in May 2013.

Miners, metal electric cars and renewable energy infrastructure and data centers are critical to support their location in copper.

On Tuesday morning, Anglo shares increased by 5% in London, while the stock in TECK’s Frankfurt list increased by about 22%.