11:12 AM EDT, 09/10/2025 (MT Newswires) -- Stifel Canada on Wednesday maintained its hold rating on the shares of Teck Resources (TECK-B.TO) and its C$60.00 price target after the company agreed to be acquired by Anglo American to form a top-five copper producer but a deal that offers no premium to shareholders.

"Teck Resources and Anglo American plc have agreed to an at-the-market merger of equals to form Anglo Teck. The merger aims to position Anglo Teck as a Top-5 global copper producer with over 70% copper exposure, alongside strong iron ore and zinc businesses. The merger is expected to generate US$800Mln in annual pre-tax recurring synergies by year 4, plus US$1.4 billion (US$0.6 billion attributable) in annual EBITDA uplift from integrating the Collahuasi and Quebrada Blanca copper operations. Anglo Teck reinforces our view that mining executives are still much keener to adopt growth through M&A as opposed to greenfield development - a preference of "buy over build" - and that supply risks and the lack of a reinvigorated pipeline will extend the next copper cycle," analyst Ralph Profiti wrote.

(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us)

Price: 55.21, Change: +1.12, Percent Change: +2.07