Anglo American plc has announced the launch of an accelerated bookbuild offering to sell approximately 52.2 million ordinary shares in Valterra Platinum Limited, formerly known as Anglo American Platinum Limited. The shares will be sold by entities controlled by Anglo American.
This move follows the demerger of Valterra Platinum from Anglo American, which was completed at the end of May 2025. After the demerger, Anglo American retained a 19.9% stake in Valterra Platinum and stated its intention to complete a full separation over time. As part of this process, Valterra Platinum was listed on the London Stock Exchange under the International Secondary Listing category, in addition to its primary listing on the Johannesburg Stock Exchange.
According to Anglo American, strong performance in Valterra Platinum’s share price since the demerger has prompted the decision to sell all remaining shares held by Anglo American. The sale is expected to generate additional cash for Anglo American and further strengthen its balance sheet.
Duncan Wanblad, CEO of Anglo American, said: “Valterra Platinum has made a strong start as a standalone company and we continue to have every confidence in its future as the world’s leading integrated value chain producer of PGMs. Valterra is perfectly positioned to benefit from the increasingly attractive structural market dynamics for PGMs. This Placing marks further progress in our responsible separation process and a further step in our portfolio simplification to focus on our world-class positions in copper, premium iron ore and crop nutrients.”
After completion of this share sale, any remaining shares that Anglo American holds in Valterra Platinum will be subject to a 90-day lock-up period for on-market sales, with some exceptions allowed.
The offering is being made only to qualifying institutional investors and is not available to the public or retail investors in any jurisdiction. The bookbuilding process starts immediately and may close at any time at the discretion of the selling entities. Results regarding how many shares are sold and at what price will be disclosed after bookbuilding ends.
Merrill Lynch International and The Standard Bank of South Africa Limited are acting as joint global coordinators for this transaction. RBC Europe Limited serves as lead bookrunner while Goldman Sachs International and Morgan Stanley & Co. International plc are joint bookrunners.
