Anglo unveils merger of equals with Teck to form Anglo Teck

ANGLO American and Teck Corporation today confirmed they had reached agreement on a “merger of equals” of the two miners.To be named Anglo Teck, the company will be headquartered in Canada and take a primary listing on the London Stock Exchange.Duncan Wanblad, CEO of Anglo American will lead Anglo Teck with Teck Corproation CEO Jonathan Pryce taking the role of deputy CEO.In terms of the merger, Anglo will own 62.4% and Teck shareholders 37.6% of Anglo Teck. As of the last close of trading Teck was valued at C$23.7bn (£12.7bn), whilst Anglo American is worth £26.9bn.In a sweetener for the deal, a special dividend will be paid to Anglo shareholders of $4.5bn ($4.19 per share) ahead of completion of the deal which is expected to take between 12 and 18 months to complete.The transaction is a bold one for Anglo especially given that it last year fended off a takeover proposal from BHP whilst embarking on a once-in-a-generation restructuring it which it would divest of its platinum, diamond, coal and nickel assets.“Having made such significant progress with Anglo American’s portfolio transformation, which has already added substantial value for our shareholders over the past year, now is the optimal time to take this next strategic step to accelerate our growth,” said Wanblad.  The post Anglo unveils merger of equals with Teck to form Anglo Teck appeared first on Miningmx.Weiter zum vollständigen Artikel bei Mining.com Weiter zum vollständigen Artikel bei Mining.com