European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>De Beers sale shows competitive tension: Endiama bid vs Botswana match rights; potential $2.5–4bn proceeds improve Anglo’s simplification and special-dividend optics.</li>
<li>Votes: circular early/mid-Nov; same-day early-Dec. Teck-B 66⅔% remains higher-beta; interloper low pre-vote, very low post-vote.</li>
<li>Spread: AAL 2,832p; TECK C$58.50; GBPCAD 1.86685 → implied TECK C$70.32; ~16.7% discount (~20.1% upside). Trade: long TECK(B)/short 1.3301× AAL, fully FX-hedged.</li>
</ul>


De Beers sale shows competitive tension: Endiama bid vs Botswana match rights; potential $2.5–4bn proceeds improve Anglo’s simplification and special-dividend optics.
Votes: circular early/mid-Nov; same-day early-Dec. Teck-B 66⅔% remains higher-beta; interloper low pre-vote, very low post-vote.
Spread: AAL 2,832p; TECK C$58.50; GBPCAD 1.86685 → implied TECK C$70.32; ~16.7% discount (~20.1% upside). Trade: long TECK(B)/short 1.3301× AAL, fully FX-hedged.


Copper Convergence — Votes & De Beers in Focus

Equity, Bottom-up Analyst, Investics Research

Sameer Taneja

Equity, Bottom-up Analyst

Investics Research

It is important to note that the information provided by Investics Research is based on publicly available data and own knowledge, which has been gathered and analyzed from a variety of sources. While every effort has been made to ensure the accuracy and completeness of the information provided, it is not guaranteed to be free from errors or omissions. All forecasts and estimates are based on information that has been obtained from public sources that are considered to be reliable. The sources include but are not limited to, company announcements, exchange filings, presentations, etc. Investics does not guarantee the accuracy and completeness of the forecasts, estimates, and/or other information.

Equity Bottom-up Research

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/anglo-american-plc" target="_blank" data-smartkarma-citation="entities:21798:1" rel="noopener">Anglo American (AAL LN)</a> - <a href="https://www.smartkarma.com/entities/bhp-group-ltd" target="_blank" data-smartkarma-citation="entities:147:1" rel="noopener">BHP Group Ltd (BHP AU)</a> fails in May 2024; 17 months later, <a href="https://www.smartkarma.com/entities/anglo-american-plc" target="_blank" data-smartkarma-citation="entities:21798:1" rel="noopener">Anglo American (AAL LN)</a> - <a href="https://www.smartkarma.com/entities/teck-resources-ltd-36dbdad5-1430-4d7a-8578-31bc50086f72" target="_blank" data-smartkarma-citation="entities:33343:1" rel="noopener">Teck Resources (TECK US)</a> merge.</li>
<li>The Anglo Teck portfolio will have more than 1.2 million tonnes of annual copper production, anchored by six world-class copper assets with more than 70% copper exposure.</li>
<li>The company will divest its non-core assets, including DeBeers, steelmaking coal, nickel, and other similar assets, and pivot to consolidating/growing its copper operations.</li>
</ul>



Anglo American (AAL LN) - BHP Group Ltd (BHP AU) fails in May 2024; 17 months later, Anglo American (AAL LN) - Teck Resources (TECK US) merge.
The Anglo Teck portfolio will have more than 1.2 million tonnes of annual copper production, anchored by six world-class copper assets with more than 70% copper exposure.
The company will divest its non-core assets, including DeBeers, steelmaking coal, nickel, and other similar assets, and pivot to consolidating/growing its copper operations.


Consolidation of The Copper Kingdom - The Anglo Teck Merger

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>Anglo American has been actively pursuing a transformation strategy, focusing on becoming a premier producer in copper and iron ore while simplifying its portfolio.</li><li>The company has made significant strides in this strategic direction by demerging its subsidiary Valterra, a major milestone unlocking shareholder value.</li><li>Operationally, Anglo American reports robust performance in its copper and iron ore segments.</li></ul>

Anglo American has been actively pursuing a transformation strategy, focusing on becoming a premier producer in copper and iron ore while simplifying its portfolio.The company has made significant strides in this strategic direction by demerging its subsidiary Valterra, a major milestone unlocking shareholder value.Operationally, Anglo American reports robust performance in its copper and iron ore segments.

Anglo American’s Next Big Win? The Sakatti Project Could Be a Game-Changer for Global Nickel Supply!

Global Materials | Industrials | Commodities

Rahul Jain

<ul>
<li>Anglo and Teck have decided to merge, creating a ~$53bn copper-focused mining major that ranks #4 globally with ~1.2 Mt of output in 2024.</li>
<li>The deal targets ~$800m in annual savings by year four, though history suggests full delivery is unlikely.</li>
<li>The combined group offers strong leverage to copper’s structural growth and top-3 scale in seaborne met coal as a cash engine.</li>
</ul>


Anglo and Teck have decided to merge, creating a ~$53bn copper-focused mining major that ranks #4 globally with ~1.2 Mt of output in 2024.
The deal targets ~$800m in annual savings by year four, though history suggests full delivery is unlikely.
The combined group offers strong leverage to copper’s structural growth and top-3 scale in seaborne met coal as a cash engine.


Anglo–Teck: Building a Copper Champion with Coal Cash Flow

Global Commodities, Mint Finance

Srinidhi Raghavendra

Global Commodities

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/anglo-american-plc-04f6cda9-c726-4c33-8544-c5046bc74b29" target="_blank" data-smartkarma-citation="entities:28603:1" rel="noopener"></a>Anglo American and Teck Resources merge in a $53 billion deal, creating the world’s fifth-largest copper producer with defensive scale.</li>
<li>The merger promises $800 million in annual cost synergies by the end of 4th year, but execution across multiple jurisdictions will remain a challenge.</li>
<li>Regulatory approval in Canada and key stakeholder positions, including Keevil and Elliott, will be pivotal to deal success.</li>
</ul>



Anglo American and Teck Resources merge in a $53 billion deal, creating the world’s fifth-largest copper producer with defensive scale.
The merger promises $800 million in annual cost synergies by the end of 4th year, but execution across multiple jurisdictions will remain a challenge.
Regulatory approval in Canada and key stakeholder positions, including Keevil and Elliott, will be pivotal to deal success.


Anglo-Teck Merger: Scaling Up to Fortify Copper Empire

South Africa

Anglo American PLC is a global mining company. The Company's mining portfolio includes bulk commodities including iron ore, manganese, and metallurgical coal, base metals including copper and nickel and precious metals and minerals including platinum and diamonds. Anglo American has mining operations in Africa, Europe, North and South America, Asia, and Australia.

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Anglo American (AGL SJ)

Copper Convergence — Votes & De Beers in Focus

Anglo–Teck nears early-Dec votes as De Beers sale heats up (Endiama vs Botswana). Spread ~16.7% offers ~20% upside to terms. Stay long TECK(B)...

Jesus Rodriguez Aguilar

Consolidation of The Copper Kingdom - The Anglo Teck Merger

The copper complex is consolidating, with major players pivoting by divesting their non-copper assets. The Anglo-Teck merger is a clear indication...

Sameer Taneja

Anglo American’s Next Big Win? The Sakatti Project Could Be a Game-Changer for Global Nickel Supply!

Anglo American has been actively pursuing a transformation strategy, focusing on becoming a premier producer in copper and iron ore while...

Baptista Research

Anglo–Teck: Building a Copper Champion with Coal Cash Flow

Anglo and Teck merge to create $53bn copper-focused mining major, aiming for $800m in annual savings by year four with strong leverage to copper's...

Rahul Jain

Anglo-Teck Merger: Scaling Up to Fortify Copper Empire

Anglo and Teck aim to unite in a $53 billion copper powerhouse, boosting scale, defending against rivals, while navigating regulatory and...

Mint Finance

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Copper Convergence — Votes & De Beers in Focus

Anglo–Teck nears early-Dec votes as De Beers sale heats up (Endiama vs Botswana). Spread ~16.7% offers ~20% upside to terms. Stay long TECK(B)...

Jesus Rodriguez Aguilar

Consolidation of The Copper Kingdom - The Anglo Teck Merger

The copper complex is consolidating, with major players pivoting by divesting their non-copper assets. The Anglo-Teck merger is a clear indication...

Sameer Taneja

Anglo American’s Next Big Win? The Sakatti Project Could Be a Game-Changer for Global Nickel Supply!

Anglo American has been actively pursuing a transformation strategy, focusing on becoming a premier producer in copper and iron ore while...

Baptista Research

Anglo–Teck: Building a Copper Champion with Coal Cash Flow

​Anglo and Teck merge to create $53bn copper-focused mining major, aiming for $800m in annual savings by year four with strong leverage to copper's...

Rahul Jain

Anglo-Teck Merger: Scaling Up to Fortify Copper Empire

Anglo and Teck aim to unite in a $53 billion copper powerhouse, boosting scale, defending against rivals, while navigating regulatory and...

Mint Finance

Anglo and Teck merge to create $53bn copper-focused mining major, aiming for $800m in annual savings by year four with strong leverage to copper's...