Anglo’s Swoop for Teck Leaves Bigger Mining Rivals on Back Foot

Anglo American Plc’s swoop for Teck Resources Ltd. swiftly found rival mining executives jumping on calls with bankers and advisers to find out more about the roughly $60 billion deal — realizing that two of mining’s best prizes had eluded them.

While a tie-up between the two had long been seen by many as an obvious one, they caught their peers flat footed this week when announcing a deal that was largely done. The companies already had unanimous board support, the backing of Teck’s founding family who own controlling shares, and had even briefed governments in Canada, South Africa and the UK.