Copper alchemizes into pure M&A gold

Viewsroom

Reuters

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4.4 • 58 Ratings

🗓️ 18 September 2025

⏱️ 25 minutes

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Summary

Anglo American’s $50 bln agreed merger with Teck Resources reignites the fitful quest by big extractors to join forces in the hunt for metal essential to the energy boom. In this week’s Viewsroom podcast, Breakingviews columnists debate the likely consequences. Visit the Thomson Reuters Privacy Statement for information on our privacy and data protection practices. You may also visit megaphone.fm/adchoices to opt-out of targeted advertising. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	The views expressed on this podcast are those of the participants, not Arroyd's news.
0:08.1	So the pushback from tech shareholders would be like, why are you just handing over this company without a premium when it's a lot cheaper?
0:18.3	And I think the answer to that, which I think seems to be good
0:22.6	enough for the Keeval family at the moment, is that the scale of these synergies that you unlock
0:26.7	by doing this deal in Chile, you know, mean that it's better all round. And I think the fact
0:33.9	that both companies share prices rose 10% plus following the announcement of this deal kind of underlines that.
0:43.3	Copper is a key ingredient in some of the biggest technological advancements in the world at the moment.
0:49.3	So think artificial intelligence and electric vehicles, but it's also at the heart of a $50 billion
0:57.1	merger that is the latest in a frenzied round of M&A involving the world's biggest mining companies.
1:04.9	The two protagonists are London-based Anglo-American, led by CEO Duncan Wanblad, and Tech Resources from Canada,
1:13.7	who are combining in a mill premium merger where the combined entity will be able to cut costs.
1:20.0	But this deal is not happening in isolation.
1:22.9	Last year, BHP tried and failed to buy Anglo-American.
1:26.8	Before that, Glencore tried and failed to buy tech-American. Before that, Glencore tried and failed to buy
1:29.1	tech. Now Anglo-American and tech are getting together. Will this combination be more successful?
1:35.8	And how will thwarted rivals respond? Why is there so much M&A activity in the mining industry?
1:42.7	And what is driving these companies to join forces?
1:45.7	The answers to this and more is in this week's viewsroom. It's Amy. And it's Jonathan, and it's
1:52.9	the Views Room, the weekly podcast that takes you, the listener, inside a lively debate with
1:56.3	breaking views columnists for around the world. And this is a really interesting one for us to be focusing
2:02.1	in on because not only is this a huge deal, this is an over $50 billion merger after we've had
2:07.1	years of waiting for the M&A pipeline to unclog. It's enormous. It's cross-border. It's
	...

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