Anglo American to acquire Teck for c. $19.5bn.

Anglo American, a British multinational mining company, agreed to agreed Teck, a diversified natural resources company, for c. $19.5bn. The merger will be implemented by means of a plan of arrangement through which Anglo American will issue 1.3301 ordinary shares to the existing Teck shareholders in exchange for each outstanding Teck share. Subject to satisfaction of certain conditions, the Anglo American board also intends to declare a special dividend of $4.5bn. "This merger of two highly complementary portfolios will create a leading global critical minerals champion headquartered in Canada – a top five global copper producer with exceptional mining and processing assets located across Canada, the United States, Latin America, and Southern Africa," Jonathan Price, Teck CEO.