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(Alliance News) – Anglo American PLC on Tuesday welcomed news that shareholders in Teck Resources Ltd have approved the “proposed merger of equals” between the two firms at a special meeting.

Shareholders in Vancouver, Canada-based Teck Resources overwhelmingly voted to approve the special resolution backing the merger with London-based miner Anglo American.

Teck said 99.7% of the votes cast by class A common shareholders at the meeting were in favour of the resolution and 89.7% of votes cast by class B subordinate voting shareholders were in favour of the resolution.

The resolution required the approval of at least two-thirds of class A shareholders and two-thirds of class B subordinate voting shareholders.

“This resoundingly positive vote marks an important milestone in creating Anglo Teck – a global leader in critical minerals headquartered in Canada,” said Jonathan Price, president and chief executive Teck.

“Anglo Teck will be positioned to deliver long-term value through a world-class copper growth portfolio, operational and functional synergies, and a stronger platform to meet growing demand for critical minerals essential to global economic growth and the energy transition,” he added.

Anglo American said it was pleased Teck shareholders had approved the “merger of equals”.

Anglo American Chief Executive Duncan Wanblad said: “We are extremely pleased to have received such strong support both from shareholders and stakeholders alike. Today marks a major milestone towards forming Anglo Teck – a global critical minerals champion, headquartered in Canada, and a top five global copper producer.”

“Bringing together the best of both companies, Anglo Teck is set up to deliver outstanding value for shareholders of both companies – in the near term through a unique combination of industrial and other synergies, and in the longer term by applying proven capabilities to exceptional growth optionality, offering investors more than 70% exposure to copper,” he added.

Shareholders in Anglo American had earlier supported the deal, passing both motions required to approve the transaction. Around 99% of Anglo investors backed the proposal.

Under the planned deal, Anglo will own just over 62% of the combined group, with Teck shareholders owning the rest. The enlarged group’s headquarters will be in Vancouver, but its primary listing will remain in London.

The merger remains subject to customary closing conditions, including approval under the Investment Canada Act and applicable competition and regulatory approvals in various jurisdictions globally and final approval by the Supreme Court of British Columbia.

Shares in Anglo American closed down 0.5% at 2,916.00 pence each in London on Tuesday. Teck Resources ended up 0.9% at CAD61.95 in Toronto.

By Jeremy Cutler, Alliance News reporter

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