/ 13 August 2009

Anglo American sells stake in Tongaat Hulett

Global mining giant Anglo American on Thursday said it had sold its 49,5% stake in sugar producer Tongaat Hulett for R523-million to unnamed investors.

Anglo, which recently rejected a merger bid by its Swiss rival Xstrata, had announced its decision to exit Tongaat on Wednesday.

“Anglo American plc announces the completion of the sale by way of an accelerated bookbuild of 51,2-million Tongaat Hulett Limited ordinary shares placed with qualifying institutional investors,” Anglo said in a statement on Thursday.

Anglo American is the biggest mining company in South Africa and generates around two thirds of its earnings there. – AFP