Copper miners sign a $53 billion mega-merger

• It also comes after both Anglo American and Teck have fended off acquisition efforts by larger rivals.
• The agreement allows the companies to "consider unsolicited acquisition proposals."

Zoom in: The companies are referring to this as a "merger of equals," and say it's expected to close in the next 12 to 18 months.

• Anglo shareholders would have 62.4% of the merged company, and Teck shareholders would have the balance of the firm, which would be HQ'd in Canada with a primary listing on the London Stock Exchange.
• Merging will bring $800 million in annual synergies, the companies said in a joint statement.

By the numbers: The combined company would be a top-5 global copper producer with output of 1.2 million tons and expected growth of 10% in 2027.

The bottom line: "A Teck-Anglo combination has long been discussed behind the scenes. Both companies have been seeking to simplify their businesses — Teck sold a majority stake in its coal division to Glencore, while Anglo has exited platinum mining and is in the process of trying to sell its own coal mines and offload its De Beers diamond unit." — Bloomberg