Anglo American to sell stake in Exxaro
Global diversified miner Anglo American announced last week that it would sell its 9.7% stake in South African miner Exxaro and use the proceeds to reduce debt.
Exxaro’s controlling black economic-empowerment shareholder, Main Street 333, will also sell its Exxaro stake, Anglo American stated.
JSE- and LSE-listed Anglo American’s stake of 35-million shares, or 9.7%, in Exxaro is valued at about R3.38-billion, based on last week’s close on the JSE, while Main Street’s sale of 17-million ordinary shares generated R1.64-billion.
Following completion of the placement, Anglo American will no longer hold a direct equity interest in Exxaro.
Anglo American has reduced the number of assets in its portfolio from 68 in 2013 to 42 currently, with the stated objective of potentially reducing the asset number to 37. The company has set itself the target of reducing net debt to below $10-billion by year-end.
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