Teck Held On-Off M&A Talks With Rival to Anglo for Two Years
The Teck Resources Ltd. Quebrada Blanca copper mine facilities in the Tarapaca Region of northern Chile.
Source: Teck Resources Ltd.
Before it agreed to merge with Anglo American Plc, Canadian miner Teck Resources Ltd. had been in parallel talks with a rival suitor for two years.
From May 2023 to May 2025, Teck held discussions with a “strategic counterparty” referred to as Party X in documents sent to shareholders ahead of the Dec. 9 vote on its sale to London-based Anglo American. They considered a no-premium, all-share transaction, but were stalled by disagreements over valuation and “governance considerations,” according to the documents published Monday.