Global law firm Freshfields is advising Teck Resources Limited (‘Teck’), a leading Canadian resource company on its merger of equals with Anglo American plc (‘Anglo American’), a combination that will form Anglo Teck, a global critical minerals champion.

Anglo Teck will be headquartered in Canada and have a primary listing on the London Stock Exchange, with secondary listings on the Johannesburg Stock Exchange, Toronto Stock Exchange and New York Stock Exchange (to be implemented as a listing of American Depositary Receipts), subject to the approval or clearance from each applicable exchange.

The merger is expected to result in pre-tax recurring annual synergies of US$800 million with additional long-term operational synergies from adjacent operations.

The merger will be implemented by means of a Canadian plan of arrangement pursuant to which Anglo American will issue ordinary shares to existing Teck shareholders, with an option for eligible Teck shareholders to instead elect to receive alternative shares in a Canadian subsidiary of Anglo American which will be exchangeable into Anglo American ordinary shares.

The Freshfields team advising Teck is led by Global Co-Head of Energy and Real Assets Jessamy Gallagher in London, alongside partner Stephen Hewes and senior associate Egor Marisin.

The transaction is expected to close in 2026, subject to customary shareholder approvals and regulatory consents.

Further information on the agreement can be found here.