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Anglo American’s $53 Billion Teck Tie-Up Puts Miners in the Lead as FTSE Splits by Sector

Analysts see the deal sharpening Anglo’s copper focus, reinforcing confidence in London listings.

Signage is seen outside the LSEG (London Stock Exchange Group) headquarters in Paternoster Square, London, Britain, April 25, 2025. REUTERS/Toby Melville/File Photo
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Overview

  • Anglo American agreed to merge with Canada’s Teck Resources in a $53 billion deal to form Anglo Teck.
  • Deal terms include an exchange of 1.3301 Anglo shares for each Teck share and plans for listings in London, Johannesburg, Toronto and New York via ADRs, with London as the primary venue.
  • Anglo shares jumped about 9%–10% on Tuesday, lifting miners and the FTSE, before mixed trading left industrial miners softer on Thursday even as the FTSE 100 rose around 0.4%.
  • Citi called the merger proposition compelling for Anglo due to increased copper exposure, and Berenberg raised its rating on the miner to hold.
  • Sector divergence deepened as AB Foods’ Primark and Dunelm fell on softer updates, airlines weakened after Israel’s strike on Doha and NATO downed Russian drones over Poland as oil rose, and Serica cut 2025 output guidance after Triton FPSO maintenance.