December 26, 2025 is one of those awkward “news day without a market day” moments in London: UK markets are shut for Boxing Day, so Anglo American plc stock (LSE:AAL) isn’t trading today. The last reported LSE price on widely followed market pages is 3,012 GBX, as of December 24, 2025, with the stock up about 28.9% over one year. [1]
Yet the story around Anglo American shares is moving anyway—because the company sits at the intersection of two forces that rarely stay quiet over the holidays: copper prices and mega-deal regulation.
Below is a comprehensive roundup of the freshest Anglo American news, filings, forecasts, and analyst commentary available as of 26.12.2025, and what investors are watching next.
Anglo American share price: where AAL stock stood before the Boxing Day pause
Heading into the holiday closure, Anglo American’s most recent LSE price shown on major data pages was 3,012 GBX (Dec. 24). [2]
The last full trading sessions before the shutdown also showed the stock responding quickly to macro and commodities headlines:
- On Dec. 23, Reuters reported Anglo American rose 2.6% alongside other miners as copper crossed the $12,000 mark in a record move, and Reuters also noted the stock benefited from a Wells Fargo coverage initiation (equal weight, $17 target). [3]
- Investing.com’s historical tape shows Anglo moving from 2,905 (Dec. 22) to 2,993 (Dec. 23) and then 3,012 (Dec. 24). [4]
The short version: AAL entered the holiday break with momentum, and most of that momentum ties back to copper and the company’s strategic reshaping.
The two big drivers right now: copper shockwaves and merger gravity
Anglo American’s near-term share price narrative has narrowed into two dominant themes:
- Copper is doing copper things—only louder.
Reuters tied the late-December lift in UK-listed miners directly to copper’s jump through $12,000, a psychologically and financially meaningful level for a market that increasingly prices miners as “electrification infrastructure suppliers.” [5] - The proposed Anglo–Teck combination is now the central strategic bet.
Since the deal announcement in September, each regulatory or governance milestone has tended to reprice the “probability-weighted future” of Anglo American stock.
Those two forces reinforce each other: higher copper prices can make copper-heavy combinations look smarter, while a credible path to a larger copper platform can make investors more willing to hold through commodity volatility.
Anglo–Teck merger: what it is, why it matters, and what’s happened lately
The original deal terms (announced September 9, 2025)
Reuters described the transaction as a zero-premium, all-share “merger of equals” between Anglo American and Teck Resources, designed to create a major copper-focused miner. Key points reported at announcement included: [6]
- Ownership split: Anglo shareholders would own 62.4% of the new company; Teck shareholders 37.6%. [7]
- New entity: “Anglo Teck,” headquartered in Canada with a primary listing in London. [8]
- Synergies: expected $800 million annually by the fourth year after completion. [9]
- Special dividend: Reuters reported Anglo shareholders would receive a $4.5 billion special dividend. [10]
- Timing reality check: Teck’s CEO told Reuters regulatory approvals could take 12–18 months. [11]
Strategically, Reuters framed it as a move to create a top-tier copper platform at a time when demand narratives are being reshaped by EVs and, increasingly, AI-driven data center electricity buildouts. [12]
December 2025 milestone: shareholders said “yes”
On December 9, 2025, Reuters reported that Teck shareholders approved the merger, pushing the process into the next phase of global regulatory clearances. Reuters added that the combined Anglo-Teck portfolio was expected to produce more than 1.2 million tonnes of copper annually, and noted operational adjacency benefits in Chile (Quebrada Blanca and Collahuasi). [13]
Anglo American also published its own press-release notice around the shareholder votes (as indexed on its site). [14]
Executive pay controversy: de-risked before the vote
One of the more “market microstructure” stories that still matters for deal confidence: Reuters reported on December 8, 2025 that Anglo American withdrew an executive pay resolution tied to bonus awards after investor concerns, while emphasizing the merger vote itself did not hinge on the pay-policy changes. [15]
The Financial Times similarly reported Anglo ditched the bonus plan linked to the Teck merger after objections. [16]
Canada’s review: from national security scrutiny to swift approval
Canada had explicitly put the deal into a more sensitive regulatory lane. On November 26, 2025, Reuters reported the proposed merger would be subject to a national security review, with the government pointing to critical minerals considerations (including copper and germanium). [17]
Then came the bigger December inflection point:
- On December 16, 2025, Reuters reported Canada’s swift approval under the Investment Canada Act, noting the speed was faster than normal for a deal of this size and describing it as signaling a shift toward attracting investment. Reuters also reported Anglo-Teck concessions including a commitment to spend C$4.5 billion in Canada within five years. [18]
- The Financial Times reported Canada cleared the way for the merger and highlighted the Vancouver headquarters condition and the C$4.5 billion domestic spending commitment (and referenced job impacts). [19]
This sequence matters for Anglo American stock because it reduces one of the largest “tail risks” investors had been discounting: a prolonged or adverse Canadian review.
Anglo American’s portfolio reshaping: the other “deal” investors are pricing
While the Teck merger is the headline, Anglo American is also running a parallel strategy that has been steadily generating news: simplifying the portfolio to focus on copper, premium iron ore, and crop nutrients.
A key filing on this front landed in late December.
December 19 RNS: post-offer intention statements update
On December 19, 2025, Anglo American released an RNS titled “Updates on Post Offer Intention Statements” (linked to undertakings it made under the UK Takeover Code framework from May 2024). In that document, the company outlined progress across multiple asset lines, including: [20]
- Nickel: definitive agreement to sell the nickel business to MMG Singapore Resources for up to US$500 million, with the European Commission cited as the final outstanding regulatory approval. [21]
- Platinum: demerger of ~51% of Anglo American Platinum (now Valterra Platinum), then sale of the remaining 19.9% stake for ZAR 44.1 billion (about US$2.5 billion). [22]
- Steelmaking coal: completed sale of a 33.3% stake in Jellinbah for A$1.6 billion (~US$1.0 billion); termination of the Peabody deal and a re-initiated formal sale process for the remaining steelmaking coal business. [23]
- De Beers: confirmed “good progress” toward divestment or demerger via a dual-track separation and structured sale process. [24]
- Woodsmith (crop nutrients): development pace slowed; forecast 2025 capex ~US$0.3 billion, alongside “critical work” including the 1.6 km service shaft and feasibility and financing-path milestones. [25]
Mining Weekly separately reported similar details in its December 19 coverage, emphasizing the same asset-sale progress points and framing them as part of a broader “portfolio transformation strategy.” [26]
Why this matters for Anglo American stock
Investors typically price diversified miners on a mix of:
- commodity exposure,
- balance sheet and capex discipline,
- execution risk (especially on big transactions),
- and “quality” of earnings (how cyclical vs structurally demanded they are).
Anglo’s portfolio moves—nickel out, platinum out, coal shrinking, diamonds potentially separating, crop nutrients paced—are all steps toward a simpler story. Whether the market rewards that story depends on two things: (1) execution without value leakage, and (2) whether copper and premium iron ore remain attractive enough to justify the tighter focus.
Dividend and corporate calendar: what Anglo told the market in late December
Even during holiday season, miners keep publishing the plumbing.
Provisional 2026 dividend timetable (RNS dated December 22, 2025)
Anglo American released a provisional dividend schedule for 2026. Highlights from the RNS include: [27]
- Provisional final dividend announcement date:Friday, 20 February 2026
- LSE ex-dividend date (final dividend):Thursday, 12 March 2026
- Final dividend payment date:Wednesday, 6 May 2026
- Provisional interim dividend announcement date:Thursday, 30 July 2026
This is not a dividend declaration—but it’s a calendar marker investors use to anticipate when dividend decisions will be communicated.
Next major scheduled operational update: Q4 production report
Anglo American’s investor “Regulatory news” index shows a Q4 2025 Production Report scheduled for 07:00 GMT on 5 February 2026. [28]
For commodity-driven stocks, production reports can move the share price as much as (or more than) earnings, because they directly affect volume expectations and unit cost assumptions.
Ownership move: a notable shareholder trimmed exposure
Another current disclosure worth noting, because it can affect sentiment at the margin:
A TR-1 major holdings notification dated December 15, 2025 states that Public Investment Corporation SOC Limited reduced its voting rights in Anglo American from 6.863% to 5.992% (threshold crossed Dec. 11, 2025). [29]
This isn’t necessarily a “view” on the business—large institutions rebalance for many reasons—but it is part of the live disclosure record around the stock.
Analyst forecasts and price targets: where expectations sit as of 26.12.2025
Analyst views are not facts—but they are a map of what assumptions the market is debating.
Consensus recommendation snapshot (Financial Times market data)
FT Markets lists the most recent consensus recommendation breakdown (dated 18-Dec-25) as: [30]
- Buy: 2
- Outperform: 6
- Hold: 10
- Sell / Strong Sell: 0 / 0
That’s a broadly “cautiously positive but not euphoric” posture—more holds than buys, but very little outright bearishness in the tally shown.
12‑month price target range (FT Markets)
FT Markets also states that 15 analysts offering 12‑month targets show: [31]
- Median target: 2,967.41
- High: 3,461.37
- Low: 1,978.03
The page notes the median implies about a -1.48% move from the then-last price of 3,012.00. [32]
One important nuance for readers: different data vendors sometimes present UK share prices in GBX (pence) while labeling forecast sections in other currencies. The key practical takeaway is the direction and spread—analysts show a wide range of possible outcomes, with the median near the prevailing price level on the cited page.
A named fresh call: Wells Fargo initiation
Reuters reported that Anglo also benefited in late December from Wells Fargo initiating coverage with an equal weight rating and a $17 target price. [33]
The risk checklist: what could still swing Anglo American shares in 2026
Even with markets closed today, investors are effectively trading “the next open” in their heads. Here are the pressure points that matter most for Anglo American stock from here:
Regulatory and integration risk (Anglo–Teck):
Shareholders have approved and Canada has cleared a major hurdle, but the deal still requires other regulatory approvals and then integration execution. Reuters has repeatedly framed the timeline as potentially 12–18 months from announcement to completion, which keeps “deal drift” risk alive. [34]
Commodity volatility (especially copper):
The same copper rally that boosted miners in December can reverse quickly. Anglo’s equity sensitivity to copper has been heightened by both its strategic focus and the market’s narrative around electrification and AI-related power buildouts. [35]
Asset sale execution (nickel, coal, De Beers):
The company’s own RNS points to the European Commission as the last step for the nickel sale, and confirms a renewed sale process for remaining steelmaking coal assets, while De Beers is in a structured sale/de-merger process. Any delay, repricing, or political friction can move expectations. [36]
Capex discipline at Woodsmith:
Woodsmith remains a long-duration project with real engineering and financing milestones. Anglo has slowed the pace and guided to about $0.3bn capex in 2025, but investors will continue to watch for clarity on full sanctioning conditions and potential partners. [37]
What investors will watch immediately after the holiday break
With 26 December acting as a pause button for UK trading, the “next catalysts” list becomes unusually clear:
- Any additional regulatory approvals or commentary tied to the Anglo–Teck combination. [38]
- Updates on the De Beers separation/sale track and the steelmaking coal sale process. [39]
- The Q4 2025 Production Report (Feb. 5, 2026) and then the next dividend/earnings calendar markers that follow shortly after. [40]
Bottom line for Anglo American plc stock as of 26.12.2025
Anglo American shares went into the Boxing Day market closure with two powerful narratives in play:
- Copper is surging, and the market is rewarding miners with credible copper leverage. [41]
- The Anglo–Teck merger is advancing, with shareholder approvals in place and Canada’s clearance secured—shifting investor focus to the remaining global approvals and the eventual integration economics. [42]
Layered on top is a steady drumbeat of portfolio reshaping disclosures—nickel, coal, diamonds, and capex pacing—which collectively aim to leave Anglo with a cleaner, more future-facing commodity mix. [43]
References
1. markets.ft.com, 2. markets.ft.com, 3. www.reuters.com, 4. www.investing.com, 5. www.reuters.com, 6. www.reuters.com, 7. www.reuters.com, 8. www.reuters.com, 9. www.reuters.com, 10. www.reuters.com, 11. www.reuters.com, 12. www.reuters.com, 13. www.reuters.com, 14. www.angloamerican.com, 15. www.reuters.com, 16. www.ft.com, 17. www.reuters.com, 18. www.reuters.com, 19. www.ft.com, 20. www.investegate.co.uk, 21. www.investegate.co.uk, 22. www.investegate.co.uk, 23. www.investegate.co.uk, 24. www.investegate.co.uk, 25. www.investegate.co.uk, 26. www.miningweekly.com, 27. www.research-tree.com, 28. www.angloamerican.com, 29. www.investegate.co.uk, 30. markets.ft.com, 31. markets.ft.com, 32. markets.ft.com, 33. www.reuters.com, 34. www.reuters.com, 35. www.reuters.com, 36. www.investegate.co.uk, 37. www.investegate.co.uk, 38. www.ft.com, 39. www.investegate.co.uk, 40. www.angloamerican.com, 41. www.reuters.com, 42. www.reuters.com, 43. www.investegate.co.uk
