Shakeup: Anglo American could float its £7bn platinum division Amplats
Anglo American could list its £7bn platinum division on the UK stock market as it presses ahead with a restructuring after rejecting a £39bn takeover bid from rival BHP.
Amplats’ secondary listing could follow a similar process to the spin-off of its South African coal business Thungela Resources in 2022, Chief Executive Duncan Wanblad said.
Amplats’ main listing would remain in Johannesburg, so it would not join the FTSE 100 despite being large enough to do so.
But it would still be a boost for the London market as it struggles following an exodus of companies to foreign stock exchanges.
And it comes after inside sources said Anglo’s diamond business, De Beers, which is also being scrapped by the company, could go public in London at a valuation of £4bn or more.
Wanblad’s comments came a day after BHP abandoned its bid to buy Anglo.
As part of its defense against the takeover, Anglo had laid out its plan to slim down by divesting itself of the platinum business and De Beers, as well as its steel, coal and nickel manufacturing assets.
It has also said it would slow down work at Woodsmith, the fertilizer mine it is developing in North Yorkshire.
Wanblad said last night: “We are now initiating formal processes for the divestment or spin-off of these businesses.”