Anglo American to sell last shares in Valterra for $2.4bn

Image credit: Reuters

The company has launched an accelerated bookbuild offering to sell about 52.2 million shares in the company, it said.

The demerger of Valterra, formerly known as Anglo American Platinum, became effective in May, leaving just 19.9% of it in Anglo's portfolio.

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London-listed Anglo has been selling or spinning off non-core assets since bigger rival BHP's failed takeover attempt last year, to focus on copper and iron ore.

The restructuring process has, however, been set back by the aborted sale of its steelmaking coal assets in August, for which Anglo is confident that an alternative buyer will be found through a new sales process.

Anglo said the placing will "raise further cash proceeds".