Anglo sells further 6.6% stake in Amplats for R9.6bn
Anglo American South Africa, a wholly-owned subsidiary of diviersified miner Anglo American, has sold 17.5-million shares in platinum group metals (PGM) miner Anglo American Platinum (Amplats) at R548 a share for gross proceeds of R9.6-billion, or about $527-million.
The shares, which represent about 6.6% of Amplats' shares in issue, were sold in an accelerated bookbuild launched by Anglo late on November 26. This forms part of Anglo's planned demerger of its majority stake in Amplats.
"Amplats has an exciting independent future ahead as the world's leading integrated value chain producer of PGMs. It is perfectly positioned to benefit from the increasingly attractive structural market dynamics for PGMs, benefiting from several of the world's most attractive and competitive PGM assets and clear plans to drive sustainable value delivery.
"This placing will consolidate the benefits of our prior sell down by further mitigating the potential flowback by creating increased trading liquidity, while further strengthening our business as we take another major step towards portfolio simplification through our world-class positions in copper, premium iron-ore and crop nutrients," Anglo CEO Duncan Wanblad said at the launch of the bookbuild.
Anglo in September sold 13.94-million Amplats shares at a price of R515 a share, raising gross proceeds of R7.2-billion, or about $400-million.
Anglo confirmed in a November 27 statement to shareholders that the demerger of Amplats remained on track for completion by mid-2025 and that it did not plan to sell further shares in Amplats ahead of that.
The diversified miner in May announced plans to either divest or demerge various of its assets after fending off a takeover bid from Australia-headquartered BHP.
Anglo earlier this week sold the last of its steelmaking coal mines, in Australia.
The demerger of Amplats and diamond miner De Beers is ongoing.
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