Anglo sells Tongaat Hulett stake for $523 million
JOHANNESBURG |
JOHANNESBURG (Reuters) - Miner Anglo American PLC (AAL.L) said on Thursday it had completed the sale of its shareholding in diversified agri-processing group Tongaat Hulett (TONJ.J) to institutional investors for about $523 million.
Anglo, which announced plans for the disposal on Wednesday , said it had completed the sale through an accelerated bookbuild of 51.2 million Tongaat ordinary shares placed with qualifying institutional investors at a price of 82 rand per share.
"The equity placing will settle on 20 August 2009 and Anglo American will receive gross proceeds of 4.202 rand million or approximately $523 million," Anglo said in a statement.
It said a proposed exchangeable bond issue had not gone ahead because it had sold all of its shares in the equity placing.
(Reporting by Muchena Zigomo)
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