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Bond Market News
Anglo American and Teck to Merge in Second Largest Mining Deal
September 10, 2025
Anglo American and Teck Resources announced plans to merge in the sector’s second-largest mining deal ever. The companies said the merger will strengthen balance sheet resilience and unlock operational benefits, particularly from adjacent copper mines in Chile. While the deal value was not revealed, the combined entity Anglo Teck is said to become the fifth largest copper company with a market capitalisation exceeding $53bn. This is a strategic bet on rising demand from electric vehicles and AI-driven power needs. The company will be headquartered in Canada and Anglo shareholders will own 62.4% of the new entity. Reuters estimates annual cost savings of $800mn by the fourth year of the merger. Anglo CEO Duncan Wanblad will lead the merged company, with Teck’s Jonathan Price as deputy CEO with regulatory approvals likely to take 12–18 months.
In the equity markets, Anglo shares were up by 9% whereas Teck’s shares rallied by 14%. In bond market, Teck’s 5.4% 2043s are currently trading stable at 89.46, yielding 6.41%. Anglo America’s 6% 2054s are also trading stable at 95.25, yielding 4.82%.
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