Global miner Anglo American is selling off its remaining stake in Valterra Platinum, worth around $2.4 billion, it said on Wednesday, marking its full exit from its former subsidiary.
The company has launched an accelerated bookbuild offering to sell about 52.2 million shares in the company, it said.
The demerger of Valterra, formerly known as Anglo American Platinum, became effective in May, leaving just 19.9% of it in Anglo’s portfolio.
London-listed Anglo has been selling or spinning off non-core 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”.
(By Clara Denina and Aatrayee Chatterjee; Editing by Shailesh Kuber and Jan Harvey)
