Anglo American PLC and Teck Resources Ltd. Receive Canadian Government Approval for Merger of Equals

On 15 December 2025, Anglo American PLC and Teck Resources Ltd. announced that the Government of Canada had granted approval under the Investment Canada Act (ICA) for the merger of equals between the two companies. The approval was confirmed by several Canadian news outlets, including the Globe and Mail, CBC, and the Financial Post.

Regulatory Outcome

  • The ICA review concluded that the merger would provide a net benefit to Canada.
  • Industry Minister Mélanie Joly described the transaction as a “significant win” and emphasized that it would create a substantial Canadian presence in the global metals sector.

Deal Structure

  • The merger is described as a “merger of equals,” although Anglo American is valued at more than twice the market value of Teck.
  • The combined entity is expected to be a $50 billion miner focused on copper operations in Chile and Peru, and other global assets.
  • The joint announcement cited commitments made by both companies in September 2025, now formalized under the ICA.

Implications for Anglo American

  • Anglo American, a global mining company listed on the London Stock Exchange and trading in GBX, will expand its copper portfolio through the acquisition of Teck’s Highland Valley mine and other assets.
  • The merger is expected to enhance Anglo American’s scale and cost efficiency in the metals and mining sector.

Market Response

  • Panmure Liberum maintained a Hold rating for Anglo American (AAUKF) on 14 December 2025, setting a price target of £2 500.00.
  • No immediate trading action or valuation change was reported following the regulatory approval.

Corporate Governance

  • Anglo American’s legal details are: registered office 17 Charterhouse Street, London EC1N 6RA; registered number 3564138; L‑EI 549300S9XF92D1X8ME43; ISIN GB00BTK05J60.
  • The company disclosed a standard form notification of major holdings (TR‑1) to the FCA, reflecting its compliance with disclosure obligations.

The merger approval marks a key milestone in Anglo American’s strategy to strengthen its position in the global metals market, particularly in copper, while reinforcing Canadian mining interests through the creation of a large, internationally diversified miner.