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英美资源深入洽谈收购泰克资源或创十年来最大矿业并购

2025-09-09 09:21:07 来源：北方有色网责任编辑：韩泽楷

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英美资源集团(Anglo American Plc)正就收购加拿大泰克资源有限公司(Teck Resources Ltd.)进行深入谈判。若交易达成，这将成为十多年来规模最大的矿业交易。而就在一年多前，英美资源集团自身还曾成为收购目标。

据透露，最早可能于本周宣布交易消息。消息传出后，泰克资源在纽约盘后交易中的股价飙升逾 20%。此次交易拟以股票为主要支付方式，但具体条款尚未最终确定，谈判也存在失败可能。

两家公司的合并有望跻身矿业史上规模最大的交易行列，同时也将成为近年来大型矿企并购活动复苏趋势的高潮。过去 12 个月，泰克资源在多伦多证券交易所的股价累计下跌约 20%，目前公司市值约为 237 亿加元(合 171 亿美元);同期，英美资源集团在伦敦证券交易所的股价上涨 15%，市值达到 269 亿英镑(合 364 亿美元)。

这宗潜在交易反映了矿业行业并购浪潮的持续。近年来，英美资源与泰克资源均曾成为大型矿企的收购目标：2023 年英美资源拒绝了必和必拓 490 亿美元的收购要约，同年嘉能可收购泰克资源的尝试也未成功。这些未果的交易反而催生了行业的并购热情，企业一方面急于扩大铜产量以把握全球能源转型机遇，另一方面因担心“错失良机”而纷纷评估收购机会。

值得注意的是，泰克资源的控制权结构和监管审批是交易的关键变量。该公司由创始基维尔家族通过“超级投票权”A 类股掌控，最大股东为中国投资有限责任公司;同时，加拿大政府将铜等关键矿产视为战略资源，明确规定仅在“最特殊情况”下才批准外资收购相关大型矿企，这为交易增添了不确定性。

从协同效应和现实挑战看，两家公司合并具备潜力——泰克资源的核心资产智利 Quebrada Blanca 2(简称 QB2)铜矿，与英美资源持有的邻近 Collahuasi 铜矿在地理上具有协同效应，整合后有望提升产量与利润。但双方近期均遭遇挫折：泰克资源的 QB2 铜矿项目多年延误，上周已启动评估;英美资源出售煤矿的计划失败，还需在钻石市场低迷期推进戴比尔斯业务的剥离。

此外，这宗潜在交易可能引发行业连锁反应。鉴于泰克资源的铜矿资产极具吸引力，其动向或促使其他矿业巨头加速并购布局;而对英美资源而言，通过收购实现规模扩张，也能降低自身再次成为被收购目标的风险。

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英美资源深入洽谈收购泰克资源 或创十年来最大矿业并购

英美资源深入洽谈收购泰克资源或创十年来最大矿业并购