Wedoany.com Report-Dec.10, Anglo American and Teck Resources announced on Tuesday that their respective shareholders have overwhelmingly approved the proposed merger, clearing a major step toward forming one of the world's largest copper producers.

At Anglo American's court and general meetings, more than 99.17% of votes cast supported the transaction, far exceeding the required simple majority. Teck Resources also secured approval well above the two-thirds threshold needed from its shareholders.

The all-stock, nil-premium transaction, valued at approximately $53 billion when announced in September, will create a new company named Anglo-Teck. The combined entity will be headquartered in Vancouver, Canada, with its primary listing on the London Stock Exchange.

The merger unites two companies that have recently streamlined their portfolios to focus on future-facing metals. The resulting producer is expected to rank as the fifth-largest copper mining company globally, with annual output exceeding 1.2 million metric tons.

Copper demand continues to grow strongly, supported by widespread adoption of electric vehicles, expansion of renewable energy infrastructure, and increasing requirements from data centers and artificial intelligence applications.

The companies stated that the combination is projected to deliver around $800 million in annual cost savings and operational efficiencies by the fourth year following completion.

Following the positive shareholder votes, attention now turns to obtaining regulatory clearances in multiple jurisdictions, including Canada and China. Reviews will assess competition impacts and broader national interest factors, given copper's status as a critical mineral essential for economic and technology development.

Shares in Teck Resources closed 0.8% lower on the Toronto Stock Exchange after the announcement, while Anglo American shares ended 0.5% down in London trading.

With shareholder backing secured, the transaction moves into its final phase. Both companies expressed confidence that the thorough preparation conducted to date will support a smooth regulatory process, allowing the merger to conclude as planned and position the new entity to meet rising global copper requirements effectively.