(Reuters) -Independent proxy advisory firm Glass Lewis on Friday recommended Teck Resources shareholders to vote in favor of a deal to combine with Anglo American.
The planned merger, which was first announced in September, marks the copper mining sector’s second-biggest M&A deal ever, with the combined market capitalisation exceeding $53 billion.
Glass Lewis said in a report that the terms of the merger appear reasonable for Teck shareholders.
Adding further that the deal offers Teck shareholders the chance to join a larger, more diversified critical-minerals group with increased copper exposure, significant synergy potential, and stronger long-term growth prospects than it could achieve alone.
The shareholder vote is expected to take place on December 9.
(Reporting by Pranav Mathur in Bengaluru; Editing by Alan Barona)
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