Anglo-Teck merger, nickel sale are test cases for navigating geopolitical complexities, CEO says
AAL•Anglo American CEO Duncan Wanblad said the proposed $54 billion merger with Teck Resources and a Brazilian nickel business sale are test cases as they await antitrust approvals. The merger is awaiting China’s approval, while the nickel sale is awaiting EU approval.
1. Merger awaits China approval
Anglo American’s proposed $54 billion merger with Teck Resources has approval from all countries where the companies operate except China. Both companies expect the deal to close by March 2027. China’s antitrust regulator has asked Anglo to commit to supplying the country with a steady flow of copper concentrate as a condition for approval, three people aware of the development said.
2. Other sales under review
Wanblad said Anglo’s proposed sale of its Brazilian nickel business to MMG is awaiting EU approval after the bloc warned that supply could be diverted away from Europe, hurting stainless steel producers. Anglo also agreed to sell its Australian steelmaking coal mines to Dhilmar for up to $3.88 billion.
3. De Beers sale targeted
Wanblad said he was hopeful Anglo’s sale of De Beers would be completed by year-end. The asset sales are part of a restructuring aimed at focusing on copper and iron ore. The Teck merger would expand Anglo’s copper portfolio, making it the fifth-largest producer of the metal.
