Teck Resources Ltd. TECK-B-T and London-based Anglo American PLC NGLOY are dismissing investor concerns over a wrinkle in the British miner’s shareholder structure that has crept into the approval process for the two companies’ proposed merger.

Vancouver-based Teck needs both shareholder and federal government approval for its planned $20-billion marriage with Anglo. Analysts say Teck faces significant challenges in its campaign to win shareholder support for the union.

Investors and politicians are both looking for assurances the Canadian miner won the best possible terms for the merger of equals, which will see Anglo shareholders own 62.4 per cent of the combined entity and Teck shareholders hold 37.6 per cent.

The ownership ratio, however, excludes 99 million Anglo shares, or 8.4

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