Teck Resources jumps on $53 billion merger with Anglo American

U.S.-listed shares of Teck Resources TECKb.TO gain ~9% to $38.25 premarket

Co has agreed to merge with London-listed miner Anglo American AAL.L; combined market capitalisation of both companies exceed $53 billion

Under the agreement, AAL shareholders will own 62.4% of the newly combined company, Anglo Teck, while shareholders in Teck will hold 37.6%

The new company will be headquartered in Canada but have a primary listing in London

The merger is expected to close within 12-18 months

As of last close, shares down 13.4% YTD