Teck receives ISS, Glass Lewis backing for Anglo deal

Executive Summary

• Independent proxy advisory firms Institutional Shareholder Services (ISS) and Glass Lewis & Co. have issued recommendations urging Teck shareholders to vote "FOR" the proposed merger of equals with Anglo American PLC.
• Teck has scheduled a special meeting of shareholders for December 9, 2025, to approve the transaction, which is subject to customary closing conditions including regulatory approvals.
• Shareholders holding approximately 79.8% of Teck Class A common shares and 0.02% of Class B shares have committed to voting in favor of the merger.

Key Details

• Proxy Recommendations:
  • ISS (Report dated Nov. 26, 2025): Recommended voting for the arrangement, citing strategic sense, anticipated synergies, limited buyer universe, active exploration of alternative structures to maximize value, expected increased liquidity, stronger financial position, and positive market reaction.
  • Glass Lewis (Report dated Nov. 21, 2025): Recommended voting for the combination, highlighting scale, asset quality, long-term copper growth profile, and the positioning of the combined entity as a financially stronger, more resilient producer with upside from operational integration.
• Meeting Logistics:
  • Special Meeting Date: December 9, 2025.
  • Proxy Voting Deadline: 11 a.m. PST on December 5, 2025.
  • Record Date: October 20, 2025.
• Shareholder Support:
  • Unanimous support from the Teck Board of Directors.
  • Commitment from Temagami Mining Company Ltd., SMM Resources Inc., Dr. Norman B. Keevil, and Teck’s directors and executive leadership team to vote shares representing approximately 79.8% of issued and outstanding Teck Class A common shares and 0.02% of Teck Class B subordinate voting shares in favor of the merger.
• Transaction Status:
  • The merger was announced in September 2025.
  • Subject to shareholder approvals and customary closing conditions, including approval under the Investment Canada Act and applicable competition and regulatory approvals in various jurisdictions globally.
• Contact Information for Shareholders:
  • Canada: Laurel Hill Advisory Group (Toll-free: 1-877-452-7184; Email: [email protected]).
  • Outside Canada: Innisfree M&A Inc. (US Toll-free: 1-877-750-0510; International: 1-412-232-3651; Banks/Brokers: 1-212-750-5833).

Notable Quotes

• Jonathan Price, President and CEO: "The Teck board has determined that a merger of equals with Anglo American is the best path forward for Teck shareholders and all stakeholders... The recent recommendations from ISS and Glass Lewis further affirm this view. This merger is a unique opportunity to build a new global critical minerals champion headquartered in Canada with increased scale, a world-class portfolio of copper and critical minerals assets, and enormous growth potential."