Teck Resources, Anglo American shareholders to vote on deal to create copper giant

Shareholders are poised to vote on a plan by Anglo American PLC and Teck Resources Ltd. to join forces to create one of the world’s biggest copper miners.

The first meeting is set to take place in London, where a majority of Anglo American shares must be voted in favour of the deal for it to proceed.

Teck is scheduled to hold its shareholder meeting in Vancouver later in the day, with that vote subject to a two-thirds approval threshold.

The British and Canadian companies announced what they’ve called a “merger of equals” in September that would forge a $70-billion copper mining powerhouse.

They have said the combined company would be renamed Anglo Teck, and would have a head office and several top executives based in Vancouver.

The proposal is still subject to review under the Investment Canada Act, which can be used to block deals deemed against the national interest.