Wanblad reiterated expectations for completion about 12–18 months from the announcement, putting the estimated closing window between September 2026 and March 2027. He also said a $4.5 billion special dividend is expected to be payable to Anglo American shareholders of record around completion. When asked about U.S. approvals, Wanblad said all required approvals applied for have been received, with only South Korea and China outstanding.Anglo American also described progress toward its proposed merger with ...

Core Viewpoint - Teck Resources Limited is proposing a merger with Anglo American plc, which is expected to create a leading global critical minerals company, Anglo Teck, enhancing shareholder value and growth potential [3][4][9]. Merger Details - The special meeting of shareholders is scheduled for December 9, 2025, to approve the merger [1][10]. - Teck's Board of Directors unanimously recommends that shareholders vote "FOR" the merger, believing it to be in the best interests of the company and its stakeholders [2][9]. - The merger is anticipated to close within 12-18 months, subject to necessary approvals [6]. Shareholder Benefits - Teck shareholders will own approximately 37.6% of the combined company on a fully diluted basis, allowing them to benefit from future value creation [5]. - The merger is expected to generate approximately US$800 million in pre-tax recurring annual synergies and US$1.4 billion in underlying annual EBITDA synergies from adjacent operations [12]. Growth and Portfolio - The combined entity, Anglo Teck, will be a top five global copper producer with a world-class portfolio, including six major copper assets and one of the largest zinc mines [5][12]. - The merger will enhance growth prospects through asset optimization and capital-efficient adjacencies, with significant long-term optionality [5]. Support and Approval - The merger has the backing of key stakeholders, including Temagami Mining Company Limited and SMM Resources Incorporated, who collectively represent approximately 79.8% of Teck's Class A common shares [7]. - The Supreme Court of British Columbia has granted an interim order to facilitate the meeting and voting process [6].

Transaction Highlights - Merger of equals to create a leading global critical minerals champion[1, 51, 54] - Anglo American will issue 1.3301 new shares for each outstanding Class A and Class B Teck share[21] - Anglo American shareholders will receive a special dividend of US$4.5 billion, or US$4.19 per share, ahead of closing[21] - Post-dividend ownership: Anglo American shareholders will own approximately 62.4%, and Teck shareholders will own approximately 37.6%[21] Synergies and Growth - The merger is expected to generate $800 million in pre-tax recurring annual synergies[20, 45, 52] - Potential $1.4 billion annual EBITDA uplift from approximately 175kt potential at the adjacent Collahuasi & Quebrada Blanca (100% basis)[20, 38, 52] - Copper portfolio expected to deliver approximately 10% capital-efficient production growth through 2027[28] Asset Portfolio - Expected 2027 production mix: 72% copper, 22% premium iron ore, and 6% zinc[20, 23, 52]