- Teck (TSX:TECK) and Anglo American (OTC:NGLOY) agreed that the merger will close 11 trading days after the remaining conditions are satisfied or waived
- The merger is expected to become effective at 10:00 p.m. Vancouver time on the 11th trading day
- Anglo American’s planned US$4.5 billion special dividend will now be paid within 45 days of the merger’s effective date instead of 30 days
- Teck Resources stock (TSX:TECK) last traded at C$95.10 and Anglo American stock (OTC:NGLOY) opened trading at C$38.76
Teck Resources (TSX:TECK) and Anglo American plc (OTC:NGLOY) have agreed to make changes to the timing of certain steps related to their proposed merger of equals, according to information released by Teck.
In a media statement, the companies explained they have agreed that the period between the satisfaction, or waiver, of the remaining conditions required before the merger can proceed and the completion of the transaction will be 11 trading days. The merger is expected to become effective at 10:00 p.m. Vancouver time on the 11th trading day after those remaining conditions have been met or waived.
This article is a journalistic opinion piece that has been written based on independent research. It is intended to inform investors and should not be taken as a recommendation or financial advice.
The merger is being carried out under an arrangement agreement signed by Teck and Anglo American on September 9, 2025. Details of the transaction were also outlined in Teck’s management information circular dated November 3, 2025.
One of the conditions required for the merger to be completed is that Anglo American declare a special dividend for its ordinary shareholders worth approximately US$4.5 billion. The special dividend is referred to as the Anglo Special Dividend.
Under the original terms of the arrangement agreement, the dividend was required to be paid within 30 days after the effective date of the merger. Teck and Anglo American have now agreed to extend that timeline.
As a result of the change, the Anglo Special Dividend will be paid within 45 days of the merger’s effective date instead of within 30 days.
The companies did not announce any changes to the value of the special dividend or to the requirement that it be declared as a condition of completing the merger. The amendment only affects the timing of when the dividend will be paid following the completion of the transaction.
The proposed merger remains subject to the fulfilment or waiver of the remaining conditions set out in the arrangement agreement.
About the companies
Teck is a Canadian resource company with a portfolio of copper and zinc operations across North and South America, in addition to a copper growth pipeline.
Teck Resources stock (TSX:TECK) last traded at C$95.10 and has risen nearly 45 per cent since the year began.
Anglo American stock (OTC:NGLOY) opened trading at C$38.76 and has climbed roughly 34 per cent since the beginning of the year.
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