Anglo sells more Amplats shares ahead of spinoff of platinum unit
Adds details, previous placing, context
LONDON, Nov 26 (Reuters) -Anglo American AAL.L said on Tuesday it will sell more shares in its South Africanplatinum unit, as it accelerates plans to spin it off.
Anglo offered 16 million shares for sale in Anglo American Platinum (Amplats) AMSJ.J, worth about $535 million, according to a bookrunner. An earlier sale of its 5.3% stake in the platinum unit netted about $400 million.
The placing will raise cash for Anglo American, the parent company of Amplats, as it pushes forward with a wider restructuring plan that is aimed at focusing its operationson copper and iron ore mining and increasing value.
Anglo said on Monday it hadreached deals to sell its coal assets in Australia for about $4.9 billion as part of the plan, which also includes shedding underperforming nickel and diamond assets. The London-listed miner is reshaping its business after fending off a $49 billion takeover bid from larger rival BHP BHP.AX in May.
The offering should broaden the free float of Amplatsand reduce the number of shares distributed to Anglo American shareholders after the spinoff, which is planned by the end of 2025.
Reporting by Clara Denina and Yadarisa Shabong; Editing by Shailesh Kuber and Paul Simao
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