London — Global miner Anglo American says it has launched an accelerated bookbuild offering to sell about 52.2-million shares in Valterra Platinum to exit its remaining stake in the company, formerly known as Anglo American Platinum.
The disposal is part of Anglo’s restructuring after which it plans to focus on its core assets which include copper, premium iron ore and crop nutrients.
The restructuring came as Anglo fought off two buyout offers from larger rival BHP in April and May last year.
London-listed Anglo has been selling or spinning off noncore assets since bigger rival BHP’s failed takeover attempt last year, to focus on copper and iron ore.
The restructuring process has however been set back by the aborted sale of its steelmaking coal assets in August, for which Anglo is confident that an alternative buyer will be found through a new sales process.
Anglo on Wednesday said the placing will “raise further cash proceeds”.
Reuters
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.