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Anglo American completes demerger of Valterra Platinum
(Sharecast News) - Anglo American has officially completed the demerger of its Valterra Platinum business following the approval of shareholders, allowing the company to focus on its copper, iron ore and crop nutrients operations. Valterra, which is valued at $11bn and already listed in Johannesburg, is scheduled to start trading in a secondary listing in London from Monday, with Anglo retaining a 19.9% interest in the platinum producer.
Anglo's chief executive Duncan Wanblad said the deal, which was part of significant restructuring plan announced last year, is a "major step in our plan to unlock the inherent value in our portfolio".
"Valterra Platinum has been a major part of the company for many years but now is the right time for it to optimise its value creation prospects on an independent path," he said.
Under the terms of the demerger, Anglo has to hold its 19.9% stake for at least 90 days, but said its interest will be "managed responsibly over time to effect a full separation".
The demerger officially took effect on 31 May following the approval by Anglo's shareholders on 30 April.
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