Teck Resources will focus on obtaining approval to close its proposed merger with Anglo American, Teck's CEO told Reuters on Tuesday, adding that it wouldn't be able to control any bidding war the plan could spark. "We cannot speculate on that (bidding war), and that is not something we can control. We are focused on getting approval for bringing Anglo and Teck together," Teck CEO Jonathan Price said, adding that the proposed deal represented a compelling proposition for shareholders.
Anglo American’s 'merger of equals' with Teck Resources will create a copper producer with 1.3-million tonnes a year of capacity, cementing its position as the world’s second-largest listed copper miner after BHP and, in the process, fending off potential suitors circling both companies. London-based brokerage SP Angel said in a note on Tuesday the deal highlighted how the two miners were consolidating to sharpen their copper focus as investors demanded greater exposure to the metal.