(Reuters) – London-listed miner Anglo American said on Tuesday it has agreed a merger with Canada’s Teck Resources, in what would be the biggest mining sector M&A deal in over a decade. Both companies have been at the centre of takeover interest in recent years, with Britain’s Glencore pursuing Teck and Australia’s BHP targeting Anglo […]
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Anglo American’s path to $53 billion Teck Resources merger
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(Reuters) – London-listed miner Anglo American said on Tuesday it has agreed a merger with Canada’s Teck Resources, in what would be the biggest mining sector M&A deal in over a decade.
Both companies have been at the centre of takeover interest in recent years, with Britain’s Glencore pursuing Teck and Australia’s BHP targeting Anglo for their copper assets.
Here is a timeline of Anglo’s acquisitions, merger talks and restructuring moves over the years leading up to the deal.
1998
** Anglo American Corporation announces a merger with Minorco SA to create a major mining and natural resources company and move to London after 81 years in South Africa.
1999
** The merger of Anglo American Corporation and Minorco is completed, forming Anglo American plc.
** Anglo American plc lists on the London Stock Exchange and is included in the FTSE 100 index.
2002
** Anglo American acquires significant stakes in iron ore producer Kumba Resources and Anglovaal Mining.
2004
** AngloGold merges with Ashanti Goldfields Corporation to form AngloGold Ashanti.
2007
** The Mondi Group, a paper and packaging business, is spun off.
2011
** Anglo American buys out the Oppenheimer family’s remaining 40% stake in De Beers.
** Anglo American sells a 24.5% stake in its Chilean copper unit to Mitsubishi.
2015
** Anglo American announces a significant restructuring, with plans to cut thousands of jobs globally amid falling commodity prices.
2017
** Indian billionaire Anil Agarwal’s Volcan Holdings plc acquires a significant stake in Anglo American.
** Anglo American sells its Eskom-linked thermal coal operations in South Africa.
2019
** Anil Agarwal divests the nearly 20% stake in Anglo American he has held since 2017
2020
** Anglo American makes an offer to acquire the polyhalite fertilizer project from Sirius Minerals, with the sale approved by shareholders in March.
2021
** Anglo American demerges its South African thermal coal assets into Thungela Resources.
** Glencore acquires Anglo American’s share of the Cerrejón coal mine.
February 2024
** Anglo American says it would review its assets after a 94% plunge in annual profit and writedowns at its diamond and nickel operations.
April 2024
** BHP Group makes a $39 billion takeover proposal, which Anglo American rejects.
May 2024
** BHP makes a revised offer of $42.67 billion, which is also rejected. Anglo American announces a major restructuring to simplify its portfolio and focus on copper and iron ore.
** BHP abandons its $49 billion takeover plan after its request for a deadline extension is denied.
** The miner explores an initial public offering of its diamond business De Beers, according to sources familiar with the matter.
November 2024
** Anglo American agrees to sell its Australian steelmaking coal assets to Peabody Energy for up to $3.78 billion.
April 2025
** Anglo American shareholders approve the demerger of its South African unit, Anglo American Platinum.
June 2025
** Anglo American completes the demerger of its majority stake in Anglo American Platinum, which is renamed Valterra Platinum.
August 2025
** Peabody terminates the agreement for Anglo American’s Australian coal assets.
September 2025
** The miner sells its remaining 19.9% stake in Valterra Platinum for approximately $2.5 billion.
** Anglo American agrees to a merger with Canada’s Teck Resources, creating a new company called Anglo Teck, headquartered in Canada with a primary listing in LSE.
(SOURCES: COMPANY WEBSITE, REUTERS STORIES)
(Compiled by DhanushVignesh Babu in Bengaluru; Editing by Krishna Chandra Eluri)