London, Jan 11, 2026, 08:12 GMT — Market closed.
Anglo American (AAL.L) shares climbed 2.7% on Friday following a European Commission filing that suggested a less complicated competition review for its planned merger with Canada’s Teck Resources. The mining sector remained active after Rio Tinto revealed early talks with Glencore, fueling new rounds of deal speculation. (Reuters)
The Commission is reviewing the Anglo-Teck merger through a streamlined antitrust process — a path usually reserved for deals with no significant competition concerns, the filing revealed. The EU’s competition verdict is expected by Feb. 10, while the Foreign Subsidies Regulation review runs parallel, set for Feb. 3. Reuters noted that Canada has already given the green light to the deal. (Reuters)
The key now is timing. Investors want to know when this shifts from headline news to actual execution, and if regulators will demand remedies that might alter the deal.
Anglo closed Friday at 3,216 pence, rising 84 pence during the session, and just shy of a 52-week peak of 3,263 pence, per Investing data. The stock fluctuated between 3,141 and 3,231 pence throughout the day.
Deal buzz is rattling the whole sector. Mark Kelly, CEO of advisory firm MKI Global, said miners are being forced into “corporate action to create value,” largely driven by copper demand from data centres and the cleaner energy push. Richard Hatch, a Berenberg analyst, told Reuters that BHP is “the most likely interloper” if talks between Rio and Glencore gain traction; BHP’s failed Anglo bid last year still weighs heavily on investor expectations. (Reuters)
For Anglo holders, the immediate concern isn’t the next acquisition but how this shifts multiples right now. Once the market factors in copper scarcity, even firms without new deals on the table can see their shares pushed up.
As London opens, macro factors come into play. December’s U.S. consumer price index is set for release Tuesday, Jan. 13 at 8:30 a.m. ET, per the U.S. Bureau of Labor Statistics schedule. This data could shift rate outlooks and, in turn, influence the dollar and metal prices. (Bureau of Labor Statistics)
Investors will be watching closely for signs that the timeline could accelerate: if regulators remain hands-off, if the companies begin to clarify how the merged entity will be structured, and what level of cost and capex control they plan to promise.
The downside risk is clear. Regulatory reviews often drag on, commodity prices can shift abruptly, and merger enthusiasm may evaporate if copper prices slump or risk appetite wanes.
Anglo is set to release its Q4 2025 production report on Feb. 5 at 0700 GMT, with full-year 2025 results following on Feb. 20. Investors will be watching closely for updates on production trends, costs, and progress in the Teck merger. (Anglo American)
