Published by Global Banking and Finance Review
Posted on September 9, 2025
3 min readLast updated: January 22, 2026
Anglo American and Teck Resources merge to form Anglo Teck, a $53 billion mining giant, focusing on copper production and unlocking synergies in Chile.
(Reuters) - London-listed Anglo American and Canada's Teck Resources will merge in a $53 billion deal, the companies said on Tuesday, the biggest mining tie-up in more than a decade.
The new company, Anglo Teck, will be based in Canada with a primary listing in London, the firms said.
S&P GLOBAL ANALYSTS
"The merger is a game-changer for Anglo American. In our view, the combination of the two companies would result in a major copper producer, in line with Escondida and ahead of Antofagasta, with some diversification into premium iron ore and zinc.
However, Anglo Teck's true incentive would be unlocking the synergies in Chile. The proximity and complementarity of Collahuasi and Quebrada Blanca create unparalleled synergy potential.
Given the proximity of the mines, we assume that the companies would be able to optimize operations by clubbing their processing infrastructure, cutting costs on water, power, and transport, leading to a potential 175 kilo ton upside in production and $1.4 billion of additional annual underlying EBITDA synergies."
JEFFERIES ANALYSTS CHRISTOPHER LAFEMINA AND PATRICIA HOVE
"This is a well-constructed merger with compelling economic and strategic rationale, and it should be positive for shares of both companies. Regulatory risk is manageable, but interlopers may emerge."
TD COWEN ANALYSTS CRAIG HUTCHISON AND ERNAD SIJERCIC
"Given the transaction is a merger of equals, we believe some investors may be disappointed with the lack of premium. We would not rule out a potential interloper. That said, breaking a friendly deal with significant protection in Canada would be challenging, in our view."
RUSS MOULD, INVESTMENT DIRECTOR AT AJ BELL ON ANGLO AMERICAN
"Anglo American has turned from prey to predator. The deal to buy Teck Resources, if it completes, means Anglo has not only pulled itself out of a hole, but also sends a message to mining peers that it is not a pushover.
Combining with Teck will give Anglo greater scale in copper, a commodity in strong demand thanks to its key role in the transition to clean energy.
The deal is a win for the UK stock market as the enlarged Anglo Teck group will have its primary listing in London. Anglo clearly believes the UK works well as a listing venue and that sends a positive message to other businesses undergoing M&A."
J.P.MORGAN ANALYST DOMINIC O'KANE
"Nil premium merger of equals is strategically excellent for Anglo...we expect that if this merger is completed, iron ore could eventually be divested or demerged to create a copper pure-play.
We expect that the takeover appeal of the pro-forma entity will be enhanced as a direct result of this combination, due to the consolidation of the Collahuasi-Quebrada portfolio into a world-class copper project.
In addition, this transaction should eliminate the complexity of Teck's dual share class structure, including the veto potential held through its Class B shares."
(Reporting by Arunima Kumar in Bengaluru; Editing by Sriraj Kalluvila)
The merger is valued at $53 billion, marking the largest mining tie-up in over a decade.
Anglo Teck will be based in Canada, with a primary listing in London.
The merger is expected to unlock synergies in Chile, particularly through the optimization of operations at the Collahuasi and Quebrada Blanca mines.
The deal is seen as a win for the UK stock market, as the enlarged Anglo Teck group will have its primary listing in London.
Analysts describe it as a 'nil premium merger of equals,' which is strategically excellent for Anglo American.
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