ISS, Glass Lewis recommend Teck shareholders vote ‘FOR’ merger

Teck Resources (TECK) announced that independent proxy advisory firms Institutional Shareholder Services and Glass Lewis have recommended that Teck shareholders vote “FOR” the company’s merger of equals with Anglo American (NGLOY). As previously announced, Teck has scheduled a special meeting of shareholders on December 9, 2025. In their reports dated November 26, 2025, and November 21, 2025, respectively, ISS and Glass Lewis stated: ISS – “The arrangement makes strategic sense in light of the anticipated synergies, strategic benefits, and opportunity for additional upside through ownership in the combined company. The universe of potential buyers is limited, the board actively explored alternative transaction structures in order to maximize shareholder value, shareholders are expected to benefit from increased liquidity and stronger financial position for the combined company, and the market reaction has been positive.” Glass Lewis – “Overall, the strategic merits of the combination appear well supported by the scale, asset quality and long-term copper growth profile of the combined company. If successfully executed, the merger positions Anglo Teck as a financially stronger and more resilient producer with meaningful upside from operational integration and future development opportunities…On balance, we believe the transaction presents a compelling strategic opportunity for Teck shareholders.”