Anglo American PLC and Vancouver-based Teck Resources Ltd. shareholders have overwhelmingly approved the British mining giant’s estimated $27.6-billion “merger of equals” with the Canadian company.Over 99% of Anglo’s shareholders voted in favour of the deal Tuesday afternoon in London, with 89.7% of Teck’s shareholders approving the deal in Vancouver. The combined company's new name of Anglo Teck was also approved. “We are delighted with the clear endorsement from our shareholders to take this next strategic step to unlock outstanding value as Anglo Teck,” Anglo American CEO Duncan Wanblad said in a statement.“Together, we will form a global critical minerals champion, headquartered in Canada, and offering more than 70% exposure to copper, underpinned by a world-class portfolio of assets with exceptional growth potential.”The deal was originally announced in September, and Ottawa is still reviewing whether it will provide net economic benefits to Canada..WATCH: What the proposed Anglo Teck merger means for Canada's mineral industry .The new company, will form one of the largest copper producers in history, with the overall value of the merger, including debt, estimated at more than $70 billion.It will now have its headquarters in Vancouver, but will keep Anglo’s primary listing in London.The Financial Post reports one of the main reasons behind the merger is that both Anglo and Teck operate major copper mines in Chile — Collahuisi and Quebrada Blanca, respectively — which would create opportunities to share assets.In the past, both companies have fended off takeover bids, with Anglo stopping takeover attempts by Australia’s BHP Group Ltd. in 2024 and again in recent weeks.In 2024, Teck also sold off a large part of its business, with Glencore acquiring a 77% stake, and the remaining 23% going to Japan’s Nippon Steel and South Korea’s POSCO.The combined company will have 70% of its production in copper, a metal tipped to run into major supply deficits in the coming years.Anglo produced 770,000 tons of copper last year, while Teck is set to produce up to 525,000 tons this year.
