Anglo American PLC's (LSE:AAL) South African subsidiary has sold down its stake in Anglo American Platinum (Amplats) ahead of a planned demerger.
The group sold 17.5 million Amplats shares, representing 6.6% of Amplats’ issued capital, at a price of 548 South African rand (2,400p) each, generating approximately £420 million gross.
Anglo American is in the process of simplifying its operation through a raft of demergers, including Amplats and its Aussie coal interests.
Following the demergers, Anglo American will resemble more of a pure-play copper business.
“The demerger of Anglo American Platinum is on track for completion by the middle of 2025 and on this basis Anglo American does not intend to execute a further market sell-down of its holding ahead of that,” the company said in a Wednesday regulatory statement.
Goldman Sachs, Morgan Stanley (NYSE:MS) and Rand Merchant Bank served as joint bookrunners for the transaction, while Investec acted as co-manager.