LONDON, Sept 9 (Reuters) - Anglo American said

on Tuesday it has agreed to merge with Teck Resources ( TECK )

, in which the London-listed miner will own about

62.4% and the Canadian miner will hold 37.6% of the newly

combined company, Anglo Teck.

Anglo Teck will be headquartered in Canada but have a

primary listing in London, it said.

The merger is expected to generate annual cost savings and

efficiency gains of $800 million by the fourth year after

completion, Anglo said. The combined market capitalisation of

both companies exceeds $53 billion.

Anglo's chief executive, Duncan Wanblad, will remain

CEO, while Teck's Jonathan Price will serve as deputy CEO.

The two companies operate adjacent copper mines in Chile

- Quebrada Blanca and Collahuasi - which are expected to

deliver further operational benefits.

Both Anglo and Teck have been at the centre of takeover

interest in recent years, with Glencore ( GLCNF ) pursuing Teck and BHP

targeting Anglo for their extensive copper portfolios.

Copper demand is forecast to rise sharply, driven by the

electric vehicle boom and emerging uses such as AI-powered data

centres.