Anglo American, of the FTSE 100 index, and the Canadian group Teck Sources, would really like you to consider their proposed $53bn (£39bn) combo as “a real merger of equals”, which it clearly isn’t as a result of the UK-listed firm is about twice the scale. Anglo’s shareholders, even after they’ve been paid $4.5bn by way of a particular dividend to even up the ratios a bit, will nonetheless emerge with 62.4% of the brand new firm.
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