Anglo American secures backing for Teck deal from proxy advisory firm

Teck Resources' Highland Valley Copper Mine in September. Anglo American's proposed takeover of Teck has won the backing of a proxy advisory firm.

Anglo American’s $20-billion deal to acquire Canada’s Teck Resources Ltd. has won the blessing of a major proxy advisory firm.

Glass Lewis & Co., which advises institutional investors which way to vote their shares, endorsed the proposed transaction in a report on Friday, citing a better long-term growth profile for the combined company – to be called Anglo Teck – than Teck could achieve on its own. The report said the all-stock transaction would allow existing Teck shareholders to participate in future update.

The report added London-based Anglo’s willingness to relocate its headquarters to Vancouver once the deal closes would help reduce