Berenberg: Teck Resources Merger Remains Key Catalyst for Anglo American

02:31 AM EDT, 10/01/2026 (MT Newswires) -- Berenberg expects Anglo American (AAL.L, AGL.JO) to trade "in line with the market" until the mining giant secures final regulatory approvals to close its merger with Canada's Teck Resources. "In our view, the merger with Teck Resources (Teck) and execution of the portfolio simplification strategy (via divestment or demerger of non-core assets) remain the key investment themes for the stock into H2 and beyond. Chinese anti-trust approvals remain outstanding as the final hurdle to see the merger closed, expected between September 2026 and March 2027; we see no risk to receipt of the approval. The portfolio simplification process also remains on track, we believe, albeit with a number of steps remaining," according to a Wednesday note focused on the metals and mining industry. Ahead of Anglo American's third-quarter production report due Oct. 20, analysts see second-half-weighted volume growth, with copper driven by Chilean operations and metallurgical coal led by operations in Moranbah, Australia. Accordingly, the research firm projects third-quarter copper volumes to rise by 20,000 tonnes quarter on quarter to 193,000 tonnes, alongside a quarterly uptick in metallurgical coal to 2.7 million tonnes. Following a model revision to account for an updated price deck, Berenberg lifted its price target on the stock to 43 pounds sterling from 42 pounds and reiterated its hold rating.