Anglo American Offloads 5.3% Stake in Platinum Unit Ahead of Spin-Off

Anglo American has raised approximately $400 million through the sale of shares in its platinum subsidiary, Anglo American Platinum, as part of a broader restructuring effort. The mining giant sold 13.94 million shares, representing a 5.3% stake in the subsidiary, at a price of 515 South African rand ($27.30) per share. This sale was made at a 9.7% discount to the closing price on Tuesday.

The sale is part of Anglo American’s plan to spin off or sell its platinum group metals, diamonds, coal, and nickel businesses, as the company looks to reshape its portfolio. This move follows the rejection of a $50 billion takeover bid from Australian mining giant BHP earlier this year. Anglo American is under pressure to demonstrate that it can generate greater shareholder value through its restructuring strategy.

Delivery of the placed shares is expected around September 16, though Anglo American Platinum will not benefit directly from the proceeds of the sale, as it was not a party to the transaction.