Anglo American to Sell 13 Million Shares in Platinum Subsidiary

By David Sachs

Anglo American said it would sell a chunk of its platinum-metals subsidiary as part of its plan to unload assets and improve shareholder returns.

The mining company said Tuesday that it would sell around 13 million ordinary shares in Johannesburg-listed Anglo American Platinum through an accelerated book-building process. Based on the share value shortly before the announcement, the sale would be valued at 7.42 billion South African rand ($415.1 million).

"Through this placing we are moving pro-actively to distribute some of our Anglo American Platinum shares into the hands of a wider range of investors ahead of the planned demerger," Chief Executive Duncan Wanblad said in a statement.

In May, Anglo American said it planned to sell its 78.56% stake in the subsidiary as part of a turnaround effort that includes refocusing on commodities linked to green energy. The restructuring plan came after rejecting a $43 billion takeover bid from rival BHP Group.

The company launched the process through its subsidiary, South Africa Proprietary Limited.

Write to David Sachs at david.sachs@wsj.com

(END) Dow Jones Newswires

September 10, 2024 12:12 ET (16:12 GMT)

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