Anglo American tries to sell Shenhua stake
29 April 2008
Anglo American on Monday attempted to sell its entire stake in China Shenhua Energy for as much as US$722.6 million though a share placement, the South China Morning Post reported. The South Africa-based mining firm was selling 155.612 million Shenhua shares at HK$35.46 to HK$36.19 (US$4.55 to US$4.64) each, representing a discount of up to 5.94% on the stock's Monday close of HK$37.70 (US$4.83), according to a sale document obtained by institutional investors from UBS. The placement represents 4.58% of Shenhua Energy's existing share capital. In addition, an undisclosed institutional investor last week sold a 0.6% stake in Shenhua Energy for US$88.6 million in a secondary placement.
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