Business
Anglo-Teck $54 billion merger awaits China approval
Livemint··4d ago
Anglo American CEO Duncan Wanblad said the proposed $54 billion Teck Resources merger awaits China's antitrust approval, the last country still pending. Both firms target closing by March 2027. China's antitrust regulator wants steady copper concentrate supply, three sources said. Wanblad told a Johannesburg mining conference on Wednesday that such deals face new geopolitical complexity.
Prism
What It Means For You
- Mining investors are watching whether China approves steady copper concentrate supply terms.
- Anglo also awaits EU approval on its Brazilian nickel sale to MMG amid supply concerns.
- De Beers sale timing could affect Anglo's copper and iron ore focus, Wanblad said.
What's Happening
- Anglo and Teck announced the merger in 2025 and target closing by March 2027.
- Wanblad spoke at a Johannesburg conference on Wednesday via video link.
- He said Anglo is pioneering antitrust navigation for critical minerals deals.
Why copper supply matters
- The merger would make Anglo the fifth-largest copper producer, reports said.
- Anglo agreed to sell Australian steelmaking coal mines for up to $3.88 billion.
- China's regulator sought supply commitments as a condition, three people said.
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