\n<\/p>\n
The London-listed miner Anglo American has agreed to merge with its Canadian rival Teck Resources, in a deal that will create a $53bn (\u00a339bn) global copper group but raises the prospects of job cuts.<\/p>\n
The merger, the biggest mining tie-up in years, would form one of the biggest copper producers in the world, the companies said on Monday.<\/p>\n
Anglo American fended off a series of takeover attempts by its larger rival BHP last year, pushing it to radically restructure its business.<\/p>\n
The chief executive of Anglo, Duncan Wanblad, said the merger formed \u201ca global critical minerals champion with the focus, agility, capabilities and culture that have characterised both companies for so long\u201d.<\/p>\n
\u201cHaving made such significant progress with Anglo American\u2019s portfolio transformation \u2026 now is the optimal time to take this next strategic step to accelerate our growth,\u201d he said.<\/p>\n
Jonathan Price, the chief executive of Teck, will become deputy chief executive of the merged business.<\/p>\n
Both bosses, as well as other senior executives, will be based in Canada after the deal, and the global headquarters of the new business will be in Vancouver.<\/p>\n
However, the FTSE 100 company said it would retain its primary share listing on the London Stock Exchange and maintain corporate offices in London and Johannesburg. It will also be listed on exchanges in Johannesburg, Toronto and New York.<\/p>\n
The merger, which is expected to complete within 12 to 18 months if it is approved by regulators, should generate $800m of annual cost savings within four years.<\/p>\n
About $60m of these savings is expected to come from the board and head office, raising the possibility of job cuts as the business pushes for what it called \u201cde-duplication and rationalisation\u201d of the board and executive leadership. A further $150m is expected to come from other corporate and business overheads, where there are \u201coverlapping functions and capabilities\u201d across Anglo and Teck.<\/p>\n
Anglo American has been undergoing a radical restructuring in an effort to streamline its focus on iron ore and copper. This year it spun off its platinum mining business, and it has been exploring the potential sale of its renowned diamond business De Beers.<\/p>\n
skip past newsletter promotion<\/a><\/p>\n Sign up to Business Today<\/span><\/p>\n Get set for the working day \u2013 we’ll point you to all the business news and analysis you need every morning<\/p>\n Privacy Notice: <\/strong>Newsletters may contain information about charities, online ads, and content funded by outside parties. If you do not have an account, we will create a guest account for you on theguardian.com to send you this newsletter. You can complete full registration at any time. For more information about how we use your data see our Privacy Policy. We use Google reCaptcha to protect our website and the Google Privacy Policy<\/a> and Terms of Service<\/a> apply.<\/span><\/p>\n after newsletter promotion<\/p>\n Anglo American investors will own 62.4% of the new business, while Teck shareholders will have the remaining 37.6%. Their combined market capitalisation is more than $53bn.<\/p>\n Before the deal completes, Anglo American will pay its shareholders a $4.5bn special dividend, or $4.19 a share.<\/p>\n On Tuesday morning, Anglo shares rose 5% in London, while Teck\u2019s Frankfurt-listed stock jumped nearly 22%.<\/p>\n","protected":false},"excerpt":{"rendered":" The London-listed miner Anglo American has agreed to merge with its Canadian rival Teck Resources, in a deal that will create a $53bn (\u00a339bn) global copper group but raises the prospects of job cuts. The merger, the biggest mining tie-up in years, would form one of the biggest copper producers in the world, the companies 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NEWS<\/a>","rttpg_excerpt":"The London-listed miner Anglo American has agreed to merge with its Canadian rival Teck Resources, in a deal that will create a $53bn (\u00a339bn) global copper group but raises the prospects of job cuts. The merger, the biggest mining tie-up in years, would form one of the biggest copper producers in the world, the companies…","_links":{"self":[{"href":"https:\/\/design-providers.com\/rise\/wp-json\/wp\/v2\/posts\/29338","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/design-providers.com\/rise\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/design-providers.com\/rise\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/design-providers.com\/rise\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/design-providers.com\/rise\/wp-json\/wp\/v2\/comments?post=29338"}],"version-history":[{"count":1,"href":"https:\/\/design-providers.com\/rise\/wp-json\/wp\/v2\/posts\/29338\/revisions"}],"predecessor-version":[{"id":29340,"href":"https:\/\/design-providers.com\/rise\/wp-json\/wp\/v2\/posts\/29338\/revisions\/29340"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/design-providers.com\/rise\/wp-json\/wp\/v2\/media\/29339"}],"wp:attachment":[{"href":"https:\/\/design-providers.com\/rise\/wp-json\/wp\/v2\/media?parent=29338"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/design-providers.com\/rise\/wp-json\/wp\/v2\/categories?post=29338"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/design-providers.com\/rise\/wp-json\/wp\/v2\/tags?post=29338"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}