Anglo American will sell its remaining Valterra stock

Global miner Anglo American (AAL.L), opens new tab, announced on Wednesday that it is completely exiting its former subsidiary by selling off its remaining ownership in Valterra Platinum (VALJ.J), opens new tab, for about $2.4 billion.

According to the firm, it has started an expedited bookbuild offering to sell roughly 52.2 million shares.

Only 19.9% of Valterra, formerly known as Anglo American Platinum, remained in Anglo’s portfolio when the demerger took effect in May.

Listed in London In order to concentrate on copper and iron ore, Anglo has been selling or spinning off non-core businesses since larger competitor BHP’s (BHP.AX) latest unsuccessful takeover attempt last year.

The August botched sale of its steelmaking coal assets, however, has hampered the restructuring process. Anglo is optimistic that a new sales process will find a different buyer for these assets.

According to Anglo, the placement will “raise further cash proceeds” on Wednesday.