The London-listed miner Anglo American is to merge with Canada’s Teck Resources, in a deal that will create a $53bn (£39bn) giant but raises fears of job cuts.
It is the biggest mining deal in more than a decade. The FTSE 100 company said it had agreed a merger deal to create a “global critical minerals champion” and one of the world’s biggest copper producers.
Billed as a “merger of equals”, the group will be headquartered in Vancouver, Canada, and have corporate offices in London and Johannesburg. It will have its main listing on the London Stock Exchange, with secondary listings in Toronto, South Africa and New York.
Anglo shareholders will own 62.4% of the combined company and Teck the remaining 37.6%. The deal is expected to lead to annual pre-tax savings of $800m by the end of the fourth year.
There’s more misery for London commuters today as tube strikes enter a second day, and, unlike yesterday, the Docklands Light Railway isn’t running either.
Industrial action by the RMT union has brought almost the entire tube network to a standstill, with buses and the Elizabeth Line taking the strain on Monday. More congestion is expected today as more people still typically work from home on Mondays and Fridays.
A union organiser told the BBC there could be more industrial action after this week, but they hope to be in “meaningful discussions” with TfL by the end of this week.
Union demands include better pay and access to a travel card which gives holders ticket deals at Legoland, Thorpe Park and Chessington World of Adventures, as well as guided tours of Buckingham Palace, according to the Daily Telegraph. The rail staff leisure card gives 75% off all mainline train tickets outside London.
Two wheels proved a better option for many: TfL’s cycle hire scheme had more than 20,000 hires by 3pm, double the previous Monday’s rate. The e-bike rental company Lime said it had 58% more users on Monday morning, while rival Forest said it had doubled its rush-hour usage.
Today’s key events
• All day: TUC Congress in Brighton
• 10am BST: 10am BST: UK Treasury gilt 2043 auction
• 10.30am BST: 10.30am BST: Germany 10-year Bund auction
We’ll be tracking all the main events throughout the day on our business live blog …
