Teck Resources Limited announced on Monday (Sept. 8) that an agreement is in place for the company to merge with Anglo American and be renamed Anglo Teck.

The new company will be headquartered in Vancouver, with significant business leadership roles in South Africa and the U.K.

Anglo American is currently based in London, England. Anglo American's current CEO, Duncan Wanblad, will move to Vancouver to work as the head of the new company.

While the boards of both companies unanimously approved the merger, the deal still needs shareholder approval. Teck called the deal a "merger of equals."

The merger is also subject to regulatory approval, a process the companies expect to take about 12 to 18 months.

If approved, Anglo shareholders will own approximately 62.4 per cent of the new compan

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