Anglo American completes Tongaat stake sale

13th Aug 2009 08:39

Miner Anglo American said it has completed the sale of its shareholding in the South African business Tongaat Hulett to institutional shareholders for approximately $523m. The group completed the sale by way of an accelerated bookbuild of 51.2m Tongaat Hulett Limited shares placed with qualifying institutional investors at a price of ZAR82.00 each.The group the sale price represents a discount of approximately 7% to the 60-day volume weighted average price of Tongaat ordinary shares, as at 11 August 2009. "Due to the strong demand for the Tongaat ordinary shares, Anglo American sold all of its shares in the Equity Placing and therefore there will be no exchangeable bond into Tongaat ordinary share," said the group.