FTSE 100 movers: Anglo surges on Teck merger, Endeavour shines
By Michele Maatouk
Date: Tuesday 09 Sep 2025
(Sharecast News) - London's FTSE 100 was 0.2% higher at 9,238.72 in afternoon trade on Tuesday.
Anglo American surged to the top of the index as it said that it and Canada's Teck Resources have agreed a merger "of equals" to form the Anglo Teck group headquartered in Canada and expected to offer investors more than 70% exposure to copper.
The news lifted the mining sector, with Glencore and Antofagasta also sharply higher.
Matt Britzman, senior equity analyst at Hargreaves Lansdown, said: "Anglo American's merger with Teck is its latest strategic pivot that cements copper at the heart of its portfolio. With over 70% copper exposure and a top-five global position, the combined group is positioned to ride the structural demand story tied to electrification and energy transition.
"The $800m in annual cost synergies and $1.4bn EBITDA uplift from Chilean asset integration are compelling. But the real prize is growth optionality, leveraging a pipeline of brownfield and greenfield projects across the Americas.
"For Anglo investors, the $4.5bn special dividend sweetens the near-term picture, while the long-term upside hinges on execution and a green light from the regulator. Back-of-the-hand maths suggests Teck holders are getting a healthy premium from the deal, and shares of the Canadian miner have soared in after-hours trading."
Gold miner Endeavour was also in the black as gold prices hit a fresh record high on Federal Reserve rate cut bets.
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