Anglo American (AAL.L), opens new tab said on Tuesday it will sell more shares in its South African platinum unit, as it accelerates plans to spin it off.
Anglo offered 16 million shares for sale in Anglo American Platinum (Amplats) (AMSJ.J), opens new tab, 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 operations on copper and iron ore mining and increasing value.
Anglo said on Monday it had reached 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), opens new tab in May.
The offering should broaden the free float of Amplats and reduce the number of shares distributed to Anglo American shareholders after the spinoff, which is planned by the end of 2025.