Anglo American announces merger with the Teck resources of Canada in $ 50 billion; Details here

London, September 9 (Reuters) – Anglo American said on Tuesday that it had agreed to merge with Teck Resources, in which the London miner would own about 62.4% and owned the Canadian miner 37.6% of the newly joint company, Anglo Teck. Anglo Teck will be headquarters in Canada, but have a primary listing in London, it reads. The merger is expected to earn annual cost saving and efficiency profit of $ 800 million by the fourth year after completion, Anglo said. The combined market cap of both businesses is over $ 53 billion. Anglo CEO Duncan Wanblad will remain the CEO, while Teck’s Jonathan Price will serve as Deputy CEO. The two companies operate adjacent copper mines in Chile – Quebrada Blanca and Collahuasi – which are expected to deliver further operating benefits. Both Anglo and Teck have been the center of takeover interest over the past few years, with Glencore pursuing Teck and BHP targeting Anglo for their extensive copper portfolios. The demand for copper is expected to rise sharply, powered by the boom of the electric vehicle and emerging uses such as AI-powered data centers. (Reporting by Clara Denina, Prerna Bedi and Yadarisa Shabong; Editing by Sherry Jacob-Phillips and Louise Heavens)