Teck Resources receives shareholder OK for Anglo deal

Executive Summary

• Teck Resources Ltd. shareholders overwhelmingly approved the special resolution for the merger of equals with Anglo American PLC, voting 99.7% in favor among Class A common shareholders and 89.7% among Class B subordinate voting shareholders.
• Anglo American shareholders also approved the allotment of new shares to Teck shareholders and the name change of Anglo American to Anglo Teck PLC.
• The merger remains subject to customary closing conditions, including regulatory approvals under the Investment Canada Act, competition laws in various jurisdictions, and final approval by the Supreme Court of British Columbia.

Key Details

• Teck Shareholder Vote Results:
  • Class A common shareholders: 99.7% in favor of the arrangement resolution.
  • Class B subordinate voting shareholders: 89.7% in favor of the arrangement resolution.
  • Total Class A shares voted: 6,329,767 (representing 83.3% of outstanding Class A shares).
  • Total Class B shares voted: 380,842,347 (representing 79.4% of outstanding Class B shares).
• Anglo American Shareholder Vote Results:
  • Approved the allotment and issue of new ordinary shares of Anglo American to Teck shareholders in connection with the merger.
  • Approved the change of the name of Anglo American to Anglo Teck PLC, effective upon completion of the merger.
• Closing Conditions:
  • Approval under the Investment Canada Act.
  • Applicable competition and regulatory approvals in various jurisdictions globally.
  • Final approval by the Supreme Court of British Columbia.
• Next Steps:
  • Teck will provide registered shareholders with a letter of transmittal and election form prior to the deadline for eligible Canadian shareholders to elect exchangeable share consideration.
  • A subsequent news release will announce the availability of these forms and provide details on exchange and election procedures.

Notable Quotes

• "This resoundingly positive vote marks an important milestone in creating Anglo Teck -- a global leader in critical minerals headquartered in Canada," said Jonathan Price, president and chief executive officer, Teck. "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."