Teck Resources Ltd. shareholders have voted overwhelmingly in favour of a proposed merger of equals with United Kingdom-based Anglo American, clearing a key hurdle for the creation of a new critical minerals company called Anglo Teck.
At a special meeting held Tuesday, Dec. 9, Teck said 99.7 per cent of votes cast by Class A common shareholders supported a special resolution approving the plan of arrangement for the merger.
Among Class B subordinate voting shareholders, 89.7 per cent of votes cast were in favour.
The resolution required approval from at least two-thirds of the votes cast by each class of shares, voting separately.
“This resoundingly positive vote marks an important milestone in creating Anglo Teck, a global leader in critical minerals headquartered in Canada,” said Jonathan Price, Teck president and CEO, in a statement.
“Anglo Teck will be positioned to deliver long-term value through a world-class copper growth portfolio, operational and functional synergies, and a stronger platform to meet growing demand for critical minerals essential to global economic growth and the energy transition.”
He said Teck will turn its focus to securing the required approvals and completing the merger to benefit its shareholders, workers, communities and partners.
Teck noted that, earlier Tuesday, Anglo American shareholders also voted overwhelmingly in favour of the merger at their own general meeting, approving the issuance of new Anglo American shares to Teck shareholders and a name change to “Anglo Teck plc” once the deal closes.
The merger still requires a series of approvals, including review under the Investment Canada Act, competition and regulatory clearances in multiple countries, and final approval from the Supreme Court of British Columbia.
Teck said further information on how shareholders can exchange their Teck shares for consideration under the merger, and how eligible Canadian shareholders can elect to receive exchangeable shares, will be provided in a forthcoming letter of transmittal and election form.
In Trail, United Steelworkers Local 480 says discussions with Teck have been positive since the merger was announced in September.
The union says the company has assured workers there will be no changes to collective agreements, benefits or pensions, and no plans for workforce reductions at the smelter.
Teck has committed to investing $4.5 billion across Canadian operations over five years, including about $750 million for Trail to support critical mineral projects and future feed changes.
The union, which represents about 1,200 workers at the site, says it has seen no signs of operational changes and remains cautiously optimistic.
Teck officials, including Trail Operations general manager Matt Parrilla, have emphasized the site’s strategic importance and said the merger will help advance ongoing projects.
Local 480 says the merger could leave the Trail smelter in a stronger position, and it will continue to advocate for workers.