Teck Resources has opened the shareholder election window for its planned "merger of equals" with Anglo American, moving the $53 billion deal one step closer to completion.

The company mailed letters of transmittal and election forms to all registered holders of its Class A and Class B shares on June 30, 2026. Shareholders now have the option to exchange each Teck share for 1.3301 ordinary shares of Anglo American.

Eligible Canadian shareholders may instead elect to receive exchangeable shares in a new Canadian subsidiary, Anglo Teck Exchangeco Limited. These shares carry the same economic and voting rights as Anglo American ordinary shares, are listed in Toronto, and can be exchanged into Anglo American shares for up to 15 years after the merger closes.

The exchangeable share option offers Canadian investors potential capital gains tax deferral benefits.

Jonathan Price, Teck's President and CEO, said the merger represents a transformational step for the company and its shareholders.

"This resoundingly positive vote marks an important milestone in creating Anglo Teck – a global leader in critical minerals headquartered in Canada," Price said in December 2025 after shareholders approved the deal. "Anglo Teck will be positioned to deliver long-term value through a world-class copper growth portfolio, operational and functional synergies, and a stronger platform to meet growing demand for critical minerals essential to global economic growth and the energy transition."

Shareholder support was overwhelming. Teck Class A shareholders approved the arrangement by 99.7%, while Class B shareholders backed it with 89.7% of votes cast. Anglo American shareholders approved the deal by 99%. Both sets of shareholders voted on December 9, 2025.

The merger has secured regulatory approvals from the Government of Canada under the Investment Canada Act, as well as antitrust clearances from the United States, Japan, and Chile. Canadian approval came with binding commitments, including at least C$4.5 billion in Canadian spending within five years and C$10 billion over 15 years.

Duncan Wanblad, Anglo American's CEO, welcomed the Canadian regulatory green light.

"We are delighted to receive regulatory approval from the Government of Canada for our merger of equals with Teck," Wanblad said in December 2025. "Today's confirmation by Minister of Industry, the Honourable Mélanie Joly, marks yet another step towards forming a major global critical minerals powerhouse, following the overwhelming endorsement of both our and Teck's shareholders last week."

An election deadline has not yet been set. Teck said it will announce the deadline by news release at least seven business days in advance. The company urged registered shareholders to submit their forms promptly rather than waiting for the deadline announcement.

Non-registered shareholders whose shares are held through brokers or other intermediaries should contact those firms directly, as each intermediary may have its own procedures and earlier deadlines.

Upon completion, Duncan Wanblad will serve as CEO of the combined entity, which will be named Anglo Teck plc. Jonathan Price will become Deputy CEO, and Teck's current chair, Sheila Murray, will serve as Chair. The company will be headquartered in Vancouver.

Outstanding approvals still required include antitrust clearance from China and South Korea, along with other customary closing conditions. The merger is expected to close between September 2026 and March 2027.