ISS, Glass Lewis back Teck–Anglo merger ahead of December vote
Independent proxy advisers Institutional Shareholder Services (ISS) and Glass Lewis have recommended that Teck Resources shareholders vote in favour of the Canadian miner’s proposed merger of equals with Anglo American.
Teck, which will hold a special shareholder meeting on December 9, said both firms had endorsed the transaction in separate reports issued on November 26 and November 21.
ISS said the deal “makes strategic sense” given the expected synergies, stronger financial position of the combined company and positive market response. The adviser also noted that Teck had explored alternative structures and that the merger offered shareholders increased liquidity and long-term upside.
Glass Lewis said the proposed combination was supported by the “scale, asset quality and long-term copper growth profile” of the merged group, adding that the merger would create a financially stronger and more resilient producer with “meaningful upside from operational integration and future development opportunities”.
Teck president and CEO Jonathan Price said the endorsements reinforced the board’s unanimous view that the merger was the best path forward for shareholders and stakeholders.
“This merger is a unique opportunity to build a new global critical minerals champion headquartered in Canada with increased scale, a world-class portfolio of copper and critical minerals assets, and enormous growth potential,” Price said. “We are confident the transaction will drive significant value creation.”