Anglo American, a diversified global mining giant led by South African executive Duncan Wanblad, is set to fully exit the platinum business with a 2.7 billion sale of its remaining 19.9 percent stake in Valterra Platinum. The move marks the final chapter in Anglos century-long history in the precious metal.
The 52 million shares on offer will be sold to institutional investors, Anglo said Wednesday, with proceeds used to streamline its portfolio after fending off a 49 billion takeover attempt from BHP Group last year .
Valterra, the former Anglo American Platinum Amplats, has seen its stock climb about 30 percent since its June listing in London, benefiting from surging demand for platinum group metals PGMs, which followed its spin-off from Anglo in May .