Anglo American, Teck to merge into $53 bln mining giant

Anglo American, a leading global mining company headquartered in London, announced on Tuesday that it has reached a merger deal with Canadian miner Teck Resources, creating a copper-mining giant whose market capitalization will exceed $53 billion, according to Anglo's latest news release.

The new company, to be known as Anglo Teck, will be headquartered in Vancouver, Canada, with shareholders of Anglo American and Teck holding 62.4% and 37.6% of the combined group, respectively, the release noted. Both companies have rejected bigger acquirers in recent years, Mysteel Global notes. Last year, Anglo American