Anglo American, Teck agree merger

(Sharecast News) - Anglo American and Canada's Teck Resources on Tuesday said they had agreed a merger "of equals" to form the Anglo Teck group headquartered in Canada and expected to offer investors more than 70% exposure to copper. In a joint statement, the two miners said the deal was expected to produce annual synergy savings of $800m.

London-listed Anglo will own about 62.4% of the new entity and Teck 37.6%, they added.

Reporting by Frank Prenesti for Sharecast.com