Anglo American completes sales of AA Sur 25.4% shareholding to Codelco/Mitsui JV
24 August, 2012
Anglo American plc (“Anglo American”) announces the completion of its sales of a 25.4% shareholding in Anglo American Sur (“AA Sur”) to a Corporación Nacional del Cobre de Chile (“Codelco”) and Mitsui & Co., Ltd. (“Mitsui”) joint venture company controlled by Codelco (“the Codelco/Mitsui joint venture”) following the lifting of the injunction by the 14th Civil Court of Santiago yesterday.
Under the terms of the 23 August 2012 agreement, Anglo American’s sale of 25.4% of the shares in AA Sur has been completed via the following two transactions:
- the Codelco/Mitsui joint venture has paid a net cash consideration of $1.7 billion for a 24.5% shareholding in AA Sur, representing a consideration of $1.8 billion, adjusted for dividends paid in relation to the shareholding since 1 January 2012; and
- the Codelco/Mitsui joint venture has paid a cash consideration of approximately $210 million to Anglo American for a 0.9% shareholding in AA Sur.
Under the terms of the agreement announced on 23 August 2012, Anglo American has also completed the acquisition from Mitsubishi of a 4.1% shareholding in AA Sur for a cash consideration of approximately $890 million and has agreed to on sell that shareholding to the Codelco/Mitsui joint venture upon clearance from the competition authorities in Brazil.