Archive · 12 Nov 2025
Teck Held Talks with Vale Before Anglo American Deal
Imagine two big companies, Teck and Anglo, were planning to join forces to become one giant mining company.
Before Teck decided to join Anglo, it had secret discussions with another company, Vale.
These talks with Vale were like trying on different clothes – they didn't quite fit because Teck and Vale couldn't agree on how much Vale's business was worth or how they would run things together.
So, Teck stopped talking to Vale and went ahead with its plan to merge with Anglo.
Both Teck and Anglo have asked their shareholders to vote on this big deal.
Teck Resources held talks with Vale SA's base metals unit before agreeing to merge with Anglo American Plc.
Teck disclosed these discussions with an unidentified suitor, referred to as 'Party X,' in materials supporting its $40 billion deal with Anglo.
The talks with Vale, which began in May 2023, repeatedly stalled due to disagreements over valuation and governance.
Teck's discussions with Party X broke down in May and did not continue, allowing negotiations with Anglo to progress.
Teck and Anglo have scheduled shareholder meetings for December 9 to vote on their proposed combination.
- Who
- Teck Resources and Vale SA
- What
- Teck Resources held preliminary talks about a combination with Vale SA's base metals unit before agreeing to a $40 billion deal with Anglo American.
- When
- Discussions with Vale began in May 2023 and stalled last May; the deal with Anglo was announced in September.
- Where
- Vale Base Metals is based in Toronto.
- Why
- Disagreements over valuation and governance considerations led to Teck's talks with Vale stalling, allowing negotiations with Anglo to proceed.
Teck Resources
Vale SA
Nature of Discussions
Teck Resources
Held on-and-off talks about a combination with Vale's base metals unit before agreeing to merge with Anglo American.
Vale SA
Previously held talks about a potential deal with Teck.
Reasons for Stalling
Teck Resources
Disagreements over valuation and governance considerations.
Vale SA
Talks stalled repeatedly for a range of reasons including disagreements over valuation and governance considerations.
- Teck Resources Deal Value
- $40 billion
- Teck's Unidentified Party X
- Vale Base Metals
- Teck's Flagship Asset
- Quebrada Blanca copper mine
- Vale Base Metals Location
- Toronto
- Teck and Anglo Shareholder Vote Date
- December 9