Bloomberg Intelligence Anglo American Agrees to Buy Teck in Deal Reshaping Mining
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Sep 9, 2025 Eric Roston, Bloomberg Climate Reporter, sheds light on the implications of President Trump's climate policies on scientific data accessibility. He emphasizes how critical climate reports are becoming increasingly unavailable to corporations that rely on them for decision-making. The discussion highlights the effectiveness of CO2 monitoring from Mauna Loa, alongside the alarming funding threats to climate science. Roston argues that this trend undermines our understanding of climate change at a crucial juncture.
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Merger Of Equals Structure
- Anglo American and Teck structured the deal as a merger of equals with Anglo shareholders owning ~two-thirds.
- Governance will be split 50-50 with headquarters in Canada to ease regulatory approval.
Counterbid Language Is Largely Formal
- The deal includes boilerplate language allowing unsolicited proposals but counterbids face practical hurdles.
- Moving a rival headquarters to Canada to win approval makes a counteroffer unlikely, Richard Bourke says.
M&A Vs Building New Mines
- M&A may be cheaper than developing new copper mines given permitting times and costs.
- Investors may prefer buying assets on the market rather than funding long greenfield projects.