LONDON, May 15, 2026, 09:06 BST
- Shares of Anglo American slumped 4.45% to 3,882p in early London trading, dragging the mining sector index down 3.95%.
- Shares jumped 4.54% to £40.75 on Wednesday, touching a new 52-week high, MarketWatch data showed.
- China’s antitrust sign-off—essentially, a competition-law green light—is still flagged as the main regulatory obstacle for the Anglo American-Teck deal.
Anglo American plc shares slipped in London on Friday, giving up some of this week’s gains. The stock tracked a wider mining sector selloff, while investors assessed the company’s ongoing efforts to wrap up its Teck Resources merger—a move set to tilt Anglo further toward copper.
This shift changes things for Anglo, whose valuation leans heavily now on copper, asset sales, and the clock on its merger—less so on its earlier mix of businesses. Copper’s been on a tear: three-month futures on the London Metal Exchange hit $14,196.50 before settling at $14,137.50 a metric ton on Wednesday. Investors kept piling in, worried about supply.
Anglo says its planned merger with Teck—set to form Anglo Teck—remains on schedule, targeting completion sometime between September 2026 and March 2027. South Korea signed off on the transaction in the first quarter, the company said. Now, just one big hurdle left: final antitrust clearance from China, plus the usual closing steps.
This deal sits at the heart of Anglo’s overhaul. According to details from Teck and Anglo, shareholders in Anglo would take roughly 62.4% of the new entity, leaving Teck holders with the remaining 37.6%. Anglo investors are also lined up for a $4.5 billion special dividend before the merger goes through. Post-merger, the combined group is set to deliver investors exposure north of 70% to copper, with anticipated annual pre-tax synergies of $800 million by year four.
Anglo’s most recent operating update landed with a narrow margin for comfort—copper production ticked up just 1% in the first quarter to 170,400 tons, letting the copper narrative hang on a thread. Premium iron ore slipped by 2% to 15.2 million tons. Steelmaking coal took a sharper hit, down 31%, while nickel output slid 7%. Guidance for 2026 production and unit costs for ongoing operations remains locked in.
Chief Executive Duncan Wanblad called it a “strong start” for copper and premium iron ore. He pointed to the restart of the second Los Bronces plant, which brought in more profitable output, and noted that better recoveries at Quellaveco helped balance out lower grades seen during the first half. Anglo American
Anglo is looking to offload assets no longer fitting with its revamped strategy. At the annual meeting, executives confirmed they’re still seeking buyers for the steelmaking coal business, the nickel arm, and De Beers diamond unit. The planned coal sale to Peabody Energy collapsed earlier, leaving those assets in limbo. CEO Duncan Wanblad told investors he expects Anglo will secure a new value-focused sale deal in 2026.
Competition is fierce. BHP, Rio Tinto, and Glencore each have their own copper expansion plans, but the proposed Teck-Anglo merger—if it goes through—would create the world’s fifth-largest copper producer, according to Reuters. The two companies are eyeing output topping 1.2 million metric tons per year, with $800 million in annual savings and efficiencies by the fourth year, they say.
There’s no consensus among analysts here. On April 29, Richard Hatch of Berenberg bumped his Anglo target up to 4,100p and kept a buy rating. Same day, J.P. Morgan’s Dominic O’Kane stuck to his sell call, holding the line at 2,780p.
The conversation is still shaped by initial reactions to the deal. O’Kane described the zero-premium merger as “strategically excellent” for Anglo. Jefferies analysts Christopher LaFemina and Patricia Hove agreed the structure was “well-constructed” but flagged the risk of rival bidders stepping in. Reuters
The route ahead isn’t straightforward. Delays in China are a risk, asset sales might fall short, and diamond demand is still sluggish. Anglo has pointed to several other issues: unrest in the Middle East, potential upticks in costs, water shortages hampering Chilean operations, and logistics snags—rail and port—in South Africa could all weigh on execution.
Anglo’s still reading as a copper deal name, execution risk and all. Shares stumbled Friday—though the week’s rally stands, it’s a sharp reminder: sentiment can flip fast when a miner loaded with catalyst premiums hits a softer tape.
