Anglo American - Teck Resources Merger: Potential Index Impact Update

Research evidence excerpt

Anglo American - Teck Resources Merger: Potential Index Impact Update

J P M O R G A N Global Markets Strategy

31 July 2026

Anglo American - Teck Resources

Merger

Potential Index Impact Update

Anglo American PLC (AAL LN) and Teck Resources Ltd (TECK/B CN) Global Quantitative and Derivatives

announced an agreement to combine in a merger of equals, forming the Anglo Teck Strategy

Group. Pankaj Gupta, CFA AC

(44-20) 7134-5483

Under the terms of the proposal, each Teck Resources share will be exchanged for pankaj.gupta2@jpmorgan.com

J.P. Morgan Securities plc

1.3301 Anglo American ordinary shares. Anglo American shareholders will

Min Moon ACreceive a special dividend of US$4.5 billion (c.US$4.19 per share) ahead of

(1-212 ) 272-8456

completion. The combined company will have primary listing on the LSE and will min.k.moon@jpmorgan.com

also be listed on the JSE, TSX and NYSE. Anglo Teck will have its global J.P. Morgan Securities LLC

headquarters in Canada and will inherit Anglo American’s UK incorporation and Vivek G Shah

tax status. Subject to shareholder and regulatory approval, the merger is expected (44-20) 7134-4084

to close between September 2026 and March 2027. vivek.g.shah@jpmorgan.com

Index Membership: Joanne Cheung

(852) 2800-8596

Anglo American PLC (AAL LN) is a member of MSCI Europe, FTSE joanne.cy.cheung@jpmorgan.com

J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

Europe, FTSE 100/All Share and Stoxx Europe 600 Index. Morgan Broking (Hong Kong) Limited

Anglo American PLC (AGL SJ) is a part of FTSE JSE TOP 40 / JSE All Share

Index.

Teck Resources Ltd (TECK/B CN) is a part of MSCI Canada, FTSE Canada

and S&P TSX 60 / Composite Index.

Teck Resources - Class A (TECK/A CN) is not part of any major indices.