Anglo American sells stake in South African miner Exxaro

05 December 2016

Anglo american plc – anglo american sells 9.7% interest in exxaro $215m.

Anglo american plc (“anglo american”) has agreed to sell its approximately 35 million ordinary shares, representing a 9.7% interest, and main street 333 proprietary limited (1) has agreed to sell approximately 17 million ordinary shares.

Sale of anglo american’s shares raised gross proceeds of approximately zar3.0 billion (approximately $215 million). Sale price represents a 10% discount to closing price on 30 november 2016.

Placing shares represent approximately 14.7% of exxaro’s issued share capital. Following sale, anglo american no longer holds a direct equity interest in exxaro.

Anglo american intends to use proceeds from placing to reduce net debt.

Source – Reuters