Anglo American and Teck Merge to Form Copper-Producing Giant
Anglo American and Teck have approved a merger, creating one of the top 5 global copper producers, with aims to achieve $800M in annual synergies and increased output.
The merger combines world-class assets across Canada, the US, Latin America, Southern Africa, and Europe. Anglo American issued 1.3301 ordinary shares to existing Teck stakeholders in exchange for each outstanding Teck class A common share and class B subordinate voting share.
- Anglo American shareholders will own approximately 62.4% of Anglo Teck plc.
- Teck shareholders will own approximately 37.6% of Anglo Teck plc.
The amalgamation is anticipated to deliver pre-tax recurring annual synergies of $800 million.
An additional $1.4 billion of underlying EBITDA synergies is expected between the adjacent Collahuasi and Quebrada Blanca operations in Chile, on an average pre-tax annual basis from 2030-2049.
Author's summary: Anglo American and Teck merge to form a top copper producer.
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