Shareholders to vote on Anglo Teck critical minerals giant

Anglo American said Monday it has scheduled a shareholder vote for Dec. 9 on its proposed merger of equals with Canada's Teck Resources, a key step in creating a major global producer of critical minerals.

The company published a circular detailing the proposals, with the merger's completion conditional on investors approving the issuance of new shares to Teck shareholders.

The two miners agreed in September to combine into a new entity named Anglo Teck, which will be headquartered in Canada and become one of the world's largest copper producers.

"We believe the formation of Anglo Teck as a global critical minerals champion will unlock outstanding value for both companies' shareholders and stakeholders," Anglo American CEO Duncan Wanblad said in a statement.

He added that the combined group will have an "industry-leading portfolio" of copper, premium iron ore, and zinc operations.

The companies have previously stated the deal is expected to generate $800 million in annual pre-tax synergies.

Teck Resources is also expected to hold a special meeting for its shareholders to approve the merger on the same day, according to the announcement.

The merger is central to Anglo American's strategy of simplifying its business to focus on materials essential for the green energy transition.