Anglo American, Teck Resources shareholders approve mining merger

LONDON, Dec ‌9 (Reuters) - Shareholders of Anglo American and Teck Resources on Tuesday approved a ‍previously announced ‌merger, the companies said, paving the way for the creation of a copper heavyweight ⁠and leaving regulatory approvals as the ‌final hurdle.

More than 99.17% of votes cast by the London-listed miner's shareholders were in favour, Anglo said in a release. A simple majority was required for the motion to pass.  

Teck's shareholders ⁠also cleared their two-thirds approval threshold. The new company, Anglo-Teck, will be headquartered in Vancouver, with its primary ​listing in London.

Teck and Anglo American first announced plans ‌in September for a $53 billion all-stock, nil-premium ⁠merger that would create the world's fifth-largest copper producer. Both companies have undergone significant restructuring in recent years, driven in part by previous takeover attempts.

Copper, a ​key metal for the power and construction industries, is poised to benefit from surging demand driven by electric vehicles and artificial intelligence. Miners have rushed to develop new projects amid a wave of takeover activity, though no major deal has yet ​been completed.

One ‍key hurdle for the ​deal had been the risk of an interloper: the world's largest listed miner, BHP, made a renewed approach for Anglo in November, while activist investors have been pushing Rio Tinto to pursue Teck.

The combined entity is projected to produce more than 1.2 million metric tons of copper annually. The tie-up is also expected to generate $800 million in ⁠annual cost savings and efficiency gains by the fourth year after completion, the companies said.

Shares of Teck were down 0.8% ​following the shareholder vote. Anglo's shares closed down 0.5% in London.

The next step for both companies is to secure regulatory approvals in Canada, China and other key jurisdictions. The review process is expected to focus on competition ‌and national interest considerations, particularly given copper's designation as a critical mineral. 

(Reporting by Clara Denina in London and Unnamalai L in Bengaluru; Editing by Maju Samuel and Matthew Lewis)