Anglo American, Teck shareholders approve $50bn merger

(Sharecast News) - The $50bn merger of Anglo American and Canada's Teck Resources has been overwhelmingly approved by both sets of shareholders, the companies said on Wednesday. Anglo investors voted 99% in favour, while in Vancouver Teck's class A common stockholders approved the deal by more than 99%, while 90% of votes from class B shareholders approved it.

Under the deal, Anglo will own 62.4% of the combined group, with Teck shareholders owning the rest. The primary listing will stay in London, but the merged group's headquarters will be in Vancouver.

The merger still has to gain approval from regulators and the Canadian government.

"Bringing together the best of both companies, Anglo Teck is set up to deliver outstanding value for shareholders of both companies - in the near term through a unique combination of industrial and other synergies, and in the longer term by applying proven capabilities to exceptional growth optionality, offering investors more than 70% exposure to copper," said Anglo CEO Duncan Wanblad.

Reporting by Frank Prenesti for Sharecast.com