# Corporate earnings and merger progress

> Live situation record from CLSTR: https://clstr.news/situations/corporate-earnings-and-investor-stake-activity
> Updated: 2026-08-03T17:41:14.000Z. Sources: 15. Developments: 4.

Following the July 28 release, Anglo American posted a 31 % rise in first‑half EBITDA to $4.1 billion, EPS of $0.58 and a $0.23 dividend, driven by higher copper prices and cost control, and confirmed that the planned Anglo‑Teck merger remains on track. On July 29, British American Tobacco reported H1 revenue of £12.2 billion, with smokeless products now representing 19.8 % of sales and a 35 million‑strong consumer base; the firm reaffirmed its full‑year EPS guidance, outlined a national rollout of Velo Max, introduced new Vuse flavours and pursued a £600 million cost‑cutting programme. Analysts noted that strong smokeless growth offset mixed performance in combustible markets. On July 31, Teck Resources and Anglo American announced the executive leadership team for the combined Anglo Teck entity: Anglo American CEO Duncan Wanblad will serve as chief executive, Teck CEO Jonathan Price as deputy chief executive and chief strategy officer, supported by CFO John Heasley, COO Ruben Fernandes and regional heads. The new company will be headquartered in Vancouver with corporate offices in London and Johannesburg, targeting more than US$800 million of pretax synergies within four years, 80 % by the second year, pending regulatory approval. Other earnings releases included American Assets Trust’s Q2 net income of $5.2 million, AerCap’s $726 million profit and Janus Henderson’s 44.5 % increase in its Arista Networks stake. Investor activity also saw Opal Capital increase its stake in BAT. In late July and early August 2026, the merger’s leadership details were expanded. The announced team adds regional heads for Canada/US (Brock Gill), Peru (Tony Power), Brazil (Ana Sanches), Chile (Dale Webb) and Kumba Iron Ore (Mpumi Zikalala). Board composition will include Nolitha Fakude as chair in South Africa and Sheila Murray as overall chair, with directors from both firms.

## Claims

- British American Tobacco reported first‑half 2026 revenue of £12.2 billion, up 1.4% year‑on‑year and 2.9% in constant‑currency terms. (corroborated by 3 sources)
- Smokeless products accounted for 19.8% of total group revenue, an increase of 1.6 percentage points from the prior year. (corroborated by 3 sources)
- BAT's smokeless consumer base grew to 35 million, an increase of 0.9 million users. (corroborated by 3 sources)
- New Categories revenue reached £1.93 billion and contribution margin rose 3.3 percentage points to 13.3%. (corroborated by 3 sources)
- Adjusted diluted EPS increased 7.9% in the first half of 2026. (corroborated by 3 sources)
- CEO Tadeu Marroco said BAT is well positioned to benefit from FDA vapour and modern‑oral guidance. (corroborated by 2 sources)
- BAT plans a national rollout of Velo Max in the second half of 2026 and will introduce adult‑focused Vuse flavours. (corroborated by 2 sources)
- BAT aims to cut annual costs by about £600 million by the end of 2028, including reducing its workforce by roughly a fifth (about 47,000 jobs). (single source)

## Timeline

### 2026-08-03: Anglo American and Teck Resources name leadership for upcoming merger

Anglo American and Teck Resources have announced the leadership of their planned Anglo Teck joint venture, with Duncan Wanblad as CEO, Jonathan Price as deputy CEO, and a board to be finalised before the merger

2 sources. https://clstr.news/cluster/anglo-american-and-teck-resources-name-leadership-for-upcoming-merger

### 2026-07-31: Anglo Teck leadership team announced as Teck‑Anglo American merger advances

Teck Resources and Anglo American unveil Anglo Teck's leadership as the merger targets a global copper powerhouse, with headquarters in Vancouver and $800 m in synergies.

3 sources. https://clstr.news/cluster/anglo-teck-leadership-team-announced-as-teckanglo-american-merger-advances

### 2026-07-29: British American Tobacco posts H1 2026 results, smokeless growth offsets mixed markets

British American Tobacco posted H1 2026 results with £12.2 bn revenue, smokeless products now 19.8% of sales, EPS up 7.9%, and plans a Velo Max rollout plus £600 m cost cuts by 2028.

6 sources. https://clstr.news/cluster/british-american-tobacco-posts-modest-revenue-rise-as-investors-boost-holdings

### 2026-07-28: Anglo American Posts H1 2026 Profit Rise as Others Reveal Quarterly Results

Anglo American posts H1 profit rise and merger plans; American Assets Trust, AerCap and Janus Henderson report quarterly results and investments, including record rents and a larger Arista Networks stake.

7 sources. https://clstr.news/cluster/american-assets-trust-posts-q2-2026-earnings-and-affirms-fy-guidance

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Cite as: Corporate earnings and merger progress. CLSTR, https://clstr.news/situations/corporate-earnings-and-investor-stake-activity