- Anglo is undergoing an overhaul after fighting off BHP takeover last year
Anglo American has sold its remaining stake in the mining giant’s former platinum business after it was spun-off earlier this year.
The FTSE 100 firm, which in undergoing a major overhaul, said it had sold its entire 19.9 per cent interest in Valterra Platinum for around $2.5billion (£1.9billion).
Valterra was listed in June to much fanfare as the firm racked up a £7.8billion market cap after its first day of trading.
Anglo has been undergoing a restructure led by chief executive Duncan Wanblad after fending off a takeover attempt by Australian rival BHP last year.
It has already sold its nickel businesses and is planning to offload diamond firm De Beers – although a time frame has not been set.
Anglo had agreed the sale of its steelmaking coal business in a £2.8billion deal with Peabody Energy.
The Mogalakwena open-pit platinum mine, operated by Valterra Platinum, in Limpopo province, South Africa
However, the buyer pulled out last month blaming a ‘material adverse change’ in circumstances following an explosion at the Moranbah North mine in Queensland’s Bowen Basin.
The sale of Valterra lifted Anglo American shares by 2.5 per cent by market close on Wednesday, before adding another 0.9 per cent in early trading on Thursday after the placing was confirmed.
At 2,308p, Anglo American shares have still fallen by around 1.5 per cent since the start of the year.
Valterra shares fell 3.9 per cent to 3,740p in early trading. They have added more than 20 per cent since listing and the group has amassed a market cap of almost £10.3billion.
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