Anglo American To Sell Scaw South Africa For $440 Million
24 Abril 2012 - 4:15AM
Dow Jones News
Globally diversified miner Anglo American PLC (AAL.LN) Tuesday
said it has sold its Scaw Metal South Africa steelmaking business
for 3.4 billion rand ($440 million), marking the final stage of its
$1.4 billion divestment of the entire Scaw Metal Group.
Anglo American sold the unit to a consortium led by the
Industrial Development Corporation of South Africa and Anglo
American's partners in Scaw South Africa (Pty) Ltd: Izingwe
Holdings (Pty) Ltd., Shanduka Resources (Pty) Limited, and the
Southern Palace Group of Companies (Pty) Ltd. on a debt and cash
free basis.
This transaction follows the sale of Scaw's international
businesses, Moly-Cop and AltaSteel, to OneSteel Ltd. (OST.AU) in
December 2010 for $932 million on a debt and cash free basis,
resulting in $1.4 billion accrued from the sale of all its Scaw
businesses.
The Scaw sale was part Anglo American's program to divest of
non-core assets and focus on its core commodities.
"The sale of Scaw brings the total announced proceeds from our
divestments of non-core assets to $3.7 billion since 2010,
maximizing value from these businesses for our shareholders," said
Anglo American CEO Cynthia Carroll.
The transaction is expected to be completed sometime during
2012, subject to regulatory approvals.
-By Alex MacDonald, Dow Jones Newswires; +44 (0)7776 200 924
alex.macdonald@dowjones.com
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