Proxy advisory firms Institutional Shareholder Services (ISS) and Glass Lewis have issued recommendations urging Teck Resources shareholders to vote "FOR" the merger of equals with Anglo American plc. ISS released its recommendation on November 26 2025, while Glass Lewis issued its endorsement on November 21 2025, both ahead of Teck’s special shareholder meeting scheduled for December 9 2025.
The recommendations highlight the strategic benefits of the transaction, including a combined copper production of over 1.2 million tonnes per year and a $70 billion valuation for the merged entity. The deal is expected to generate annual pre‑tax recurring synergies of roughly $800 million, with additional EBITDA synergies of about $1.4 billion from the integration of Teck’s Quebrada Blanca and Anglo American’s Collahuasi assets.
By positioning the new company as a global critical‑minerals leader headquartered in Canada, the merger aims to capture growing demand from electrification, data‑center expansion, and defense sectors. The proxy advisories reinforce the board’s view that the merger offers the best path forward for Teck shareholders, providing a stronger balance sheet, enhanced scale, and a more robust portfolio of critical‑mineral assets.
The recommendations are part of a broader strategy to create a top‑five global copper producer and to leverage Canada’s critical‑minerals policy framework. Management has emphasized that the merger will unlock significant value through cost efficiencies, scale advantages, and a diversified asset base.
With the proxy advisories in place, Teck shareholders now have a clear endorsement from two leading independent advisory firms, strengthening the case for a shareholder vote in favor of the merger at the upcoming December 9 meeting.
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