London-listed miner Anglo American and Canada’s Teck Resources plan to merge, marking the sector’s second-biggest mergers and acquisitions deal ever and forging a new global copper-focused heavyweight.

Under the proposed deal, which will require regulatory approvals and was announced on Tuesday, Anglo American shareholders will own 62.4 percent of the new company, Anglo Teck, while shareholders in Teck would hold 37.6 percent.

Anglo Teck will be headquartered in Canada but have a primary stock listing in London, said the two companies whose combined market capitalisation exceeds $53bn.

The deal to form the world’s fifth-largest copper company is also a big bet on copper by Anglo. Glencore’s $90bn merger with Xstrata in 2013 remains the largest mining deal in history.

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