Wrap Text
Anglo American publishes shareholder circular for merger of equals with Teck
Anglo American plc
Registered office: 17 Charterhouse Street London EC1N 6RA United Kingdom
Registered number: 3564138 (incorporated in England and Wales)
Legal Entity Identifier: 549300S9XF92D1X8ME43
ISIN: GB00BTK05J60
JSE Share Code: AGL
NSX Share Code: ANM
("the Company")
News Release
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY
OR INDIRECTLY, IN OR INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD
CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH
JURISDICTION
10 November 2025
Anglo American publishes shareholder circular for merger of equals with Teck
On 9 September 2025, Anglo American plc ("Anglo American") and Teck Resources Limited ("Teck")
announced that they had reached an agreement to combine the two groups in a merger of equals (the
"Merger") to form the Anglo Teck group ("Anglo Teck"), a global critical minerals champion,
headquartered in Canada. Certain further regulatory information regarding the Merger was announced
by Anglo American on 17 October 2025.
Representing the critical next step in the Merger process, Anglo American has today published a notice
of general meeting and circular to Shareholders (the "Circular") seeking the approval by Shareholders of
recommended proposals in connection with the implementation of the Merger (the "Proposals") at a
general meeting to be held at 17:30 (UK time) on Tuesday, 9 December 2025 (the "General Meeting").
Duncan Wanblad, CEO of Anglo American, said: "We believe the formation of Anglo Teck as a global
critical minerals champion will unlock outstanding value for both companies' shareholders and
stakeholders, in the near term through a unique combination of available industrial and other synergies,
and longer term through enhanced portfolio quality, resilience and strategic positioning. Bringing
together the strengths of both companies, Anglo Teck will leverage proven capabilities in technical and
operational excellence, sustainability, product marketing and project execution to deliver significant,
value-accretive growth through the cycle.
"Anglo Teck will benefit from an industry-leading portfolio of producing operations – as one of the world's
largest copper producers, alongside high-quality premium iron ore and zinc businesses – with exceptional
growth optionality across its current product portfolio and in crop nutrients. Together, we are propelling
Anglo Teck to the forefront of our industry in terms of growing the supply of responsibly produced critical
minerals."
Additional information
The Circular contains further details in relation to the recommended Proposals. The Merger is conditional
on the approval of the resolution relating to the allotment and issue of new shares to, or on behalf of, the
shareholders and option holders of Teck in connection with the Merger. The Merger is not conditional on
the approval of the other Proposals to be voted on at the General Meeting.
The Circular is available on the website of Anglo American at:
https://www.angloamerican.com/investors/anglo-american-teck-merger
Shareholders are advised to read the Circular with care and in full.
In accordance with UK Listing Rule 6.4.1, a copy of the Circular has been submitted to the Financial
Conduct Authority and will shortly be available for inspection via the National Storage Mechanism.
Teck will also file the Teck Circular in respect of the special meeting of Teck Shareholders to approve the
proposed Merger which is expected to be held on the same date as the General Meeting. The Teck Circular
contains further information on the proposed Merger and will be available on Teck's website at
https://www.teck.com/reports and on Teck's issuer profiles on SEDAR+ (www.sedarplus.ca) and EDGAR
(www.sec.gov), the electronic filings systems in Canada and the U.S.
Indicative timetable for the General Meeting
The General Meeting will be held at 17:30 (UK time) on Tuesday, 9 December 2025 at the offices of
Linklaters LLP, One Silk Street, London EC2Y 8HQ, United Kingdom.
The following are the indicative dates and times that will apply to the matters proposed at the General
Meeting, which are based on current expectations and are subject to change. If any of the expected dates
and/or times change, Anglo American will give notice of the change by issuing an announcement via RNS
and SENS.
All references to time in the timetable below are to London (UK) time unless otherwise stated. At the
date of publication, London (UK) time is two hours behind South Africa time.
Principal events Indicative time and/or date
Record date for Shareholders to receive the Circular Friday, 31 October 2025
Publication of the Circular Monday, 10 November 2025
Filing of the Teck Circular Monday, 10 November 2025
Last day to trade Shares on the SA Register in order to Tuesday, 2 December 2025
participate in the General Meeting
Latest time and date for receipt of Form of Proxy for the General 17:30 on Friday, 5 December
Meeting 2025
Latest time and date for appointing a proxy for the General 17:30 on Friday, 5 December
Meeting by way of CREST Proxy Instruction 2025
Voting record time for Shareholders in respect of the General 18:30 on Friday, 5 December
Meeting 2025
General Meeting 17:30 on Tuesday, 9 December
2025
Special meeting of Teck Shareholders 19:00 on Tuesday, 9 December
2025
Announcement of results of General Meeting Tuesday, 9 December 2025
(after the General Meeting)
Announcement of results of special meeting of Teck Tuesday, 9 December 2025
Shareholders (after the Teck Shareholder
meeting)
Any capitalised terms not defined in this announcement shall have the meaning given to such terms in
the Circular.
For further information, please contact:
Media Investors
UK UK
James Wyatt-Tilby Tyler Broda
james.wyatt-tilby@angloamerican.com tyler.broda@angloamerican.com
Tel: +44 (0)20 7968 8759 Tel: +44 (0)20 7968 1470
Marcelo Esquivel Emma Waterworth
marcelo.esquivel@angloamerican.com emma.waterworth@angloamerican.com
Tel: +44 (0)20 7968 8891 Tel: +44 (0) 20 7968 8574
Rebecca Meeson–Frizelle Michelle West-Russell
rebecca.meeson-frizelle@angloamerican.com michelle.west-russell@angloamerican.com
Tel: + 44 (0)20 7968 1374 Tel: +44 (0)20 7968 1494
South Africa Asanda Malimba
Nevashnee Naicker asanda.malimba@angloamerican.com
nevashnee.naicker@angloamerican.com Tel: +44 (0)20 7968 8480
Tel: +27 (0)11 638 3189
Ernest Mulibana
ernest.mulibana@angloamerican.com
Tel: +27 (0)82 263 7372
Notes:
Anglo American is a leading global mining company focused on the responsible production of copper,
premium iron ore and crop nutrients – future-enabling products that are essential for decarbonising the
global economy, improving living standards, and food security. Our portfolio of world-class operations
and outstanding resource endowments offers value-accretive growth potential across all three
businesses, positioning us to deliver into structurally attractive major demand growth trends.
Our integrated approach to sustainability and innovation drives our decision-making across the value
chain, from how we discover new resources to how we mine, process, move and market our products to
our customers – safely, efficiently and responsibly. Our Sustainable Mining Plan commits us to a series of
stretching goals over different time horizons to ensure we contribute to a healthy environment, create
thriving communities and build trust as a corporate leader. We work together with our business partners
and diverse stakeholders to unlock enduring value from precious natural resources for our shareholders,
for the benefit of the communities and countries in which we operate, and for society as a whole. Anglo
American is re-imagining mining to improve people's lives.
Anglo American is currently implementing a number of major structural changes to unlock the inherent
value in its portfolio and thereby accelerate delivery of its strategic priorities of Operational excellence,
Portfolio simplification, and Growth. The sale of our steelmaking coal and nickel businesses and the
separation of our iconic diamond business (De Beers) continue to progress and, once completed, will
focus Anglo American on its world-class resource asset base in copper, premium iron ore and crop
nutrients.
www.angloamerican.com
Group terminology
In this announcement, references to "Anglo American", the "Anglo American Group", the "Group", "we", "us", and
"our" are to refer to either Anglo American plc and its subsidiaries and/or those who work for them generally, or
where it is not necessary to refer to a particular entity, entities or persons. The use of those generic terms herein is
for convenience only, and is in no way indicative of how the Anglo American Group or any entity within it is
structured, managed or controlled. Anglo American subsidiaries, and their management, are responsible for their
own day-to-day operations, including but not limited to securing and maintaining all relevant licences and permits,
operational adaptation and implementation of Group policies, management, training and any applicable local
grievance mechanisms. Anglo American produces group-wide policies and procedures to ensure best uniform
practices and standardisation across the Anglo American Group but is not responsible for the day to day
implementation of such policies. Such policies and procedures constitute prescribed minimum standards only. Group
operating subsidiaries are responsible for adapting those policies and procedures to reflect local conditions where
appropriate, and for implementation, oversight and monitoring within their specific businesses.
Disclaimer
This announcement is for information purposes only and does not constitute, nor is to be construed as, an offer to
sell or the recommendation, solicitation, inducement or offer to buy, subscribe for or sell shares in Anglo American
or any other securities by Anglo American or any other party. Further, it should not be treated as giving investment,
legal, accounting, regulatory, taxation or other advice and has no regard to the specific investment or other
objectives, financial situation or particular needs of any recipient.
Forward-looking statements and third party information
This announcement and the Circular include forward-looking statements, beliefs or opinions. All statements other
than statements of historical facts included in this announcement and the Circular, including, without limitation,
those regarding Anglo American's and Teck's financial position, business, acquisition and divestment strategy,
dividend policy, plans and objectives of management for future operations, prospects and projects (including
development plans and objectives relating to Anglo American's and Teck's products, production forecasts and Ore
Reserve and Mineral Resource positions), expected synergies (including those set out in the Circular) and
sustainability performance related (including environmental, social and governance) goals, ambitions, targets,
visions, milestones and aspirations, are forward-looking statements. By their nature, such forward-looking
statements involve known and unknown risks, uncertainties and other factors which may cause the actual results,
performance or achievements of Anglo American and Teck or industry results to be materially different from any
future results, performance or achievements expressed or implied by such forward-looking statements. We intend
all forward-looking statements that are within the meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934 to be covered by the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995 to the fullest extent provided by such Act.
Such forward-looking statements are based on numerous assumptions regarding Anglo American's and Teck's
present and future business strategies and the environment in which Anglo American and Teck will operate in the
future. In particular, the assessment and quantification of potential synergies as set out in the Circular have been
informed by Anglo American and Teck management teams' industry expertise and knowledge. The synergy
assumptions have been risk adjusted and have been made based on certain assumptions and there can be no
assurance that the synergies will be achieved. Important factors that could cause Anglo American's and Teck's actual
results, performance or achievements to differ materially from those in the forward-looking statements include,
among others, levels of actual production during any period, levels of global demand and product prices,
unanticipated downturns in business relationships with customers or their purchases from Anglo American and Teck,
mineral resource exploration and project development capabilities and delivery, recovery rates and other
operational capabilities, safety, health or environmental incidents, the effects of global pandemics and outbreaks of
infectious diseases, the impact of attacks from third parties on information systems, natural catastrophes or adverse
geological conditions, climate change and extreme weather events, the outcome of litigation or regulatory
proceedings, the outcome of negotiations with joint venture partners, the availability of mining and processing
equipment, the ability to obtain key inputs in a timely manner, the ability to produce and transport products
profitably, the availability of necessary infrastructure (including transportation) services, the development, efficacy
and adoption of new or competing technology, challenges in realising resource estimates or discovering new
economic mineralisation, the impact of foreign currency exchange rates on market prices and operating costs, the
availability of sufficient credit, liquidity and counterparty risks, the effects of inflation, terrorism, war, conflict,
political or civil unrest, uncertainty, tensions and disputes and economic and financial conditions around the world,
evolving societal and stakeholder requirements and expectations, shortages of skilled employees, unexpected
difficulties relating to acquisitions or divestitures, competitive pressures and the actions of competitors, activities by
courts, regulators and governmental authorities such as in relation to permitting or forcing closure of mines and
ceasing of operations or maintenance of Anglo American's and Teck's assets and changes in taxation or safety, health,
environmental or other types of regulation in the countries where Anglo American and Teck operate, conflicts over
land and resource ownership rights and such other risk factors identified in Anglo American's most recent Annual
Report and Teck's most recent Annual Information Form and subsequent filings on SEDAR+ and EDGAR. Forward-
looking statements should, therefore, be construed in light of such risk factors and undue reliance should not be
placed on forward-looking statements. For details of the bases of belief and assumptions of the Board for the
expected synergies, please see paragraph 3 of Part V (Additional Information) of the Circular. These forward-looking
statements speak only as of the date of this announcement and the Circular. Anglo American expressly disclaims any
obligation or undertaking (except as required by applicable law, the City Code on Takeovers and Mergers, the UK
Listing Rules, the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority, the Listings
Requirements of the securities exchange of the JSE Limited in South Africa, the SIX Swiss Exchange, the Botswana
Stock Exchange and the Namibian Stock Exchange and any other applicable regulations) to release publicly any
updates or revisions to any forward-looking statement contained herein to reflect any change in Anglo American's
and Teck's expectations with regard thereto or any change in events, conditions or circumstances on which any such
statement is based.
Nothing in this announcement or the Circular should be interpreted to mean that future earnings per share of Anglo
American and Teck will necessarily match or exceed their historical published earnings per share. Certain statistical
and other information included in this announcement and the Circular is sourced from third party sources (including,
but not limited to, externally conducted studies and trials). As such it has not been independently verified and
presents the views of those third parties, but may not necessarily correspond to the views held by Anglo American
and Teck, and Anglo American and Teck expressly disclaim any responsibility for, or liability in respect of, such
information.
Alternative Performance Measures
Throughout this announcement and the Circular, a range of financial and non-financial measures are used, including
a number of financial measures that are not defined or specified under IFRS (International Financial Reporting
Standards), which are termed 'Alternative Performance Measures' (APMs) or non-GAAP measures. Management
uses these measures to monitor the Group's financial performance alongside IFRS measures to improve the
comparability of information between reporting periods and the businesses. These APMs should be considered in
addition to, and not as a substitute for, or as superior to, measures of financial performance, financial position or
cash flows reported in accordance with IFRS. APMs are not uniformly defined by all companies, including those in
the Group's industry. Accordingly, it may not be comparable with similarly titled measures and disclosures by other
companies.
The Company has a primary listing on the Main Market of the London Stock Exchange and secondary listings on
the Johannesburg Stock Exchange, the Botswana Stock Exchange, the Namibia Stock Exchange and the SIX Swiss
Exchange.
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
©Anglo American Services (UK) Ltd 2025.
Legal Entity Identifier: 549300S9XF92D1X8ME43
Date: 10-11-2025 01:00:00
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