LONDON (dpa-AFX) - Miners Anglo American PLC (AAL.L, AAUKY.PK) and Teck Resources Limited (TECK, TECK_A.TO, TECK_B.TO) announced that their planned merger of equals has received regulatory approval from the Government of Canada.
It was in early September that the companies announced their agreement to merge as equals to form Anglo Teck Group, in which Anglo American and Teck shareholders will own approximately 62.4% and 37.6%, respectively.
The companies expect the formation of Anglo Teck in a merger of equals will provide exceptional and enduring benefits for Canada. At completion, Anglo Teck will have its headquarters in Vancouver, and will have its primary listing on the LSE, retaining FTSE UK index inclusion, as well as listings on the JSE, TSX and NYSE.
Completion of the merger remains subject to customary conditions, including the relevant regulatory approvals in various jurisdictions globally.
The planned merger was approved by each company's shareholders at meetings held on December 9. The merger has already received competition approvals in Canada and Australia, and other reviews are progressing.
Jonathan Price, President and CEO of Teck, said, 'The Government of Canada's approval is an important step forward in the formation of Anglo Teck-a new global critical minerals champion headquartered in Canada. This merger will combine two world-class companies to form a business of significant scale and capability that will deliver billions in investment and drive new economic activity and job creation here in Canada and beyond.'
Under the deal, Anglo Teck will spend at least C$4.5 billion in Canada within 5 years, including in connection with the Highland Valley Copper mine life extension. Anglo Teck will spend a total of at least C$10 billion in Canada over 15 years.
Anglo Teck's global headquarters will be in Canada, and a significant majority of its senior management will be based in Canada, including the CEO, Deputy CEO, and CFO.
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