Overview
- Anglo Teck will be headquartered in Vancouver with a primary London listing, retaining corporate offices in London and Johannesburg and seeking listings in Toronto and New York.
- Anglo American shareholders will own about 62.4% of the combined company and Teck investors 37.6%, with CEO Duncan Wanblad leading and Teck’s Jonathan Price serving as deputy CEO.
- Anglo will pay a $4.5 billion special dividend to its shareholders before closing, and the companies target roughly $800 million in recurring annual cost savings by year four.
- The combined miner is set to rank among the top five global copper producers at roughly 1.2 million tonnes a year, with major synergies expected from integrating adjacent Quebrada Blanca and Collahuasi assets in Chile.
- Approvals include reviews under Canada’s Investment Canada Act and separate Teck Class A and B votes, with irrevocable support from holders of about 79.8% of Teck’s A shares and a $330 million break fee disclosed.