Teck Resources Limited and Anglo American plc have agreed to extend the payment timeline for a US$4.5 billion special dividend in connection with their proposed merger of equals.

The companies confirmed on September 1, 2026, that the Anglo Special Dividend will now be paid within 45 days of the merger's effective date. This is an extension from the original 30-day window stipulated in the arrangement agreement dated September 9, 2025.

Merger Timeline and Conditions

Teck and Anglo American have fixed the period between the fulfillment or waiver of remaining non-Effective Date conditions precedent and the completion of the merger at 11 trading days. The effective time of the merger is expected to be 10:00 pm Vancouver time on the eleventh trading day.

The declaration of the special dividend by Anglo American remains a condition precedent to the completion of the transaction. The extended payment window provides additional time for the distribution following the closing of the deal.

Regulatory and Forward-Looking Context

The announcement contains forward-looking statements regarding the timing of the dividend payment and the ability of both entities to complete the merger. These statements are subject to risks including regulatory approvals, market conditions, and integration challenges.

Teck noted that actual results could differ materially from those anticipated due to factors beyond its control, including public perception of the merger and global financial market conditions. Investors are directed to the Meeting Circular dated November 3, 2025, and filings on SEDAR+ and EDGAR for detailed risk factors.

Teck Resources Limited (TSX: TECK, NYSE: TECK) has commenced consent solicitations for six series of its outstanding notes to amend certain covenants and events of default in alignment with Anglo American plc’s debt indenture. The move supports the ongoing merger process between Teck and Anglo American, which is expected to close between September 2026 and March 2027. While the completion of the merger is not a condition for the effectiveness of these consents, the amendments are designed to streamline the combined entity’s capital structure post-transaction.

The consent solicitations cover the following series of affected notes:

Each consent solicitation expires at 5:00 p.m., New York City time, on August 11, 2026, unless terminated or extended by Teck. The solicitation is conditioned on receiving consents from holders representing at least a majority in principal amount of each respective series as of the record date, July 31, 2026. Upon satisfaction of conditions, Teck will pay a consent fee of U.S. $1.00 for each U.S. $1,000 principal amount of notes for which a valid consent is delivered and not revoked.

Strategic Alignment and Guarantees

The proposed amendments seek to harmonize Teck’s debt terms with those of Anglo American, facilitating smoother integration following the merger. If approved, Anglo Teck — the surviving entity after the merger — may elect to provide a full and unconditional guarantee of Teck’s payment obligations under the affected notes. However, this guarantee is not mandatory and would not be expected prior to the consummation of the merger.

Should Anglo Teck provide such a guarantee, it would replace Teck’s current periodic reporting obligations under U.S. Securities and Exchange Commission (SEC) rules and Canadian securities laws with reports filed under the UK Disclosure Guidance and Transparency Rules (UK DTR) or with the SEC, as applicable. This shift would simplify compliance requirements for the combined group but remains contingent on the guarantee being issued.

What the Numbers Show

The total principal amount subject to these consent solicitations exceeds U.S. $1 billion across six distinct maturities ranging from 2030 to 2043. By offering a standardized consent fee of U.S. $1.00 per U.S. $1,000 principal, Teck is incentivizing holder participation without altering the fundamental economic terms of the debt. The absence of a merger contingency for the consent fees suggests management’s confidence in completing the transaction within the stated timeline, while also providing flexibility if regulatory hurdles delay closure.

Barclays Capital Inc., BofA Securities, Inc., and TD Securities (USA) LLC serve as solicitation agents, with Global Bondholder Services Corporation acting as information and tabulation agent. Investors seeking additional details should refer to the Consent Solicitation Statement dated August 3, 2026.