Anglo American PLC (LON:AAL) is nearing a deal to buy Canadian miner Teck Resources (TSX:TECKa) in a transaction that could create one of the world’s biggest copper producers, Bloomberg reported on Monday.
Discussions are in advanced stages, and the deal could be announced as soon as this week, Bloomberg reported, citing people with knowledge of the matter. Terms of the deal were unclear.
The deal will create one of the largest global copper producers in the world, and comes amid growing confidence that demand for the red metal will be boosted by the global energy transition.
Teck mainly holds copper assets, and following its 2023 exit from coal, was viewed as an attractive acquisition target for bigger miners.
Teck had a market capitalization of about $16 billion as of Monday.
Anglo’s potential bid for the firm comes amid some attempts at consolidation in the mining industry. Anglo had last year rejected a bid from larger peer BHP Group Ltd (ASX:BHP), as the latter sought to add to its copper portfolio.
Source :
https://www.investing.com/news/stock-market-news/anglo-american-nears-deal-to-buy-teck-resources-bloomberg-4230337
