Anglo American Raises $400 Million In Discounted Share Placing of Platinum Unit
By Christian Moess Laursen
Anglo American raised around $400 million after selling shares at a discount in its platinum subsidiary Anglo American ahead of a demerger of the unit as part of a large-scale restructuring.
The diversified global miner said Wednesday that it sold 13.94 million shares, equating to an around 5.3% stake, at 515 South African rand ($28.70) each, a 9.7% discount on Tuesday's closing price.
The London-listed miner is undergoing a groupwide restructuring after fending off a roughly $50 billion bid from Australian rival BHP in May. It plans to sell or spin off its platinum-metals, diamonds, coal and nickel units as part of the overhaul.
Anglo is under pressure to prove it can deliver value for shareholders via this strategy after rebuffing BHP's all-share offer.
Settlement of the placing shares is expected to occur on or about Sept. 16. Anglo American Platinum is not a party to the placing and won't receive any proceeds.
Write to Christian Moess Laursen at christian.moess@wsj.com
(END) Dow Jones Newswires
September 11, 2024 02:37 ET (06:37 GMT)
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