Anglo American Sells Remaining Valterra Stake for $2.5 Billion

By Ian Walker

Anglo American sold its remaining 19.9% stake in Valterra Platinum for around $2.5 billion following a bookbuild exercise first announced late Wednesday.

The miner said Thursday that it has sold 52.2 million shares in Valterra at 845 South African rand ($47.83) a share. The price is an 8.6% discount to Valterra's closing price of 924.28 rand on Wednesday.

Anglo American said late Wednesday that it was selling the shares given their performance since Valterra's demerger in May. The money raised will strengthen Anglo's balance sheet.

Write to Ian Walker at ian.walker@wsj.com