Anglo American and Teck Merger
Anglo American and Teck have approved a merger, creating a top 5 global copper producer.
The merger aims to achieve $800M in annual synergies and higher output, leveraging world-class assets across Canada, the US, Latin America, Southern Africa, and Europe.
- Anglo American will issue 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 and Teck shareholders will own approximately 62.4% and 37.6% of Anglo Teck plc, respectively.
The amalgamation is anticipated to deliver pre-tax recurring annual synergies of $800 million.
Additionally, the merger is expected to generate $1.4 billion of underlying EBITDA synergies 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 copper-producing giant.
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