Vancouver mining firm takes merger with Tech Resource Anglo American
Tech Resources has agreed to merge with Anglo American to become Anglo Tech.
Companies stated that “equal merger” would form a company that would be a global important mineral champion and one of the world’s largest producers.
He also committed with corporate offices at Anglo Tech’s global headquarters, London and Johannesburg in Vancouver.
Anglo American CEO Duncan Wanbad will become the CEO of the Joint Company, while Tech CEO Jonathan will be the Price Deputy CEO. Anglo American Chief Financial Officer John Heslie will play the same role and Tech’s chair Sheela Murray will be the chairman of Anglo Tech.
Price said in a statement, “This merger of two highly complementary portfolio will build a major global mineral champion with headquarters in Canada.”
“This transaction will create important economic opportunities in Canada, while the position of Anglo Tech to provide durable, long -term value for shareholders and all stakeholders.”
Under the agreement, take shareholders will receive 1.3301 Anglo American shares for each class A and Class B shares that they have.
The Board of Anglo American also plans to declare a special dividend, which is expected to be around $ 4.19 American per share before the merger is completed.
Anglo American shareholders will have 62.4 percent of the joint company, while the current tech shareholders will hold 37.6 percent on a completely thin base.
The deal still requires shareholder approval
Two-thirds of the majority votes by Tech’s Class A and Class B shareholders, to vote as individual classes, is required to approve the deal, while Anglo is required by American shareholders.
The deal is subject to competition and regulatory approval in various courts globally and the investment is approval under the Canada Act.
Canadian industry minister Melani Jolie said in a social media post that the federal government would address several issues as it consider the merger, including the pledge of the joint firm, including his senior leadership to live and reside in Canada.
Tech Resource and Anglo American hope that the merger will be completed in the next 12 to 18 months.
